You want your home to foreclose because this is a tough market to sell.
Live in michigan. Would purchase a new property then let old mortgage foreclose. Never heard of ANYbody having ramifications except it going on your credit, but once in new property I have what I want.
You didnt give enough information. I dont know your state. In Utah if your home is foreclosed they will sell it. Lets say to make it simple. You owe 100K and they sell it for 80K you owe the difference. So you owe the bank 20K. It will be registered as a Default Judgement in many states.
So with that Judgement they can garnish your wages, take it out of checking accounts ect.
The problem is I dont know your state. I give you an example. In Utah its a default state meaning they can get a judgement for the difference. And garnish your wage, in Arizona they are a non-default state meaning it doesnt matter. They cant garnish your wages.
It depends on your state. This is not a federal law its a state law. Either google *your state default state* and read your laws. Or give me your state and I will tell you.
Utah yes, Arizona no….
Where do you live?