Understanding Walk-Aways and Underwater Mortgages

Walk away refers to situations where a homeowner may be able to leave a property under certain legal conditions without continuing responsibility for the mortgage, depending on applicable rules.

Underwater describes a property where the total debt is higher than the home’s market value, such as owing $400,000 on a home worth $300,000 leaving a $100,000 gap between debt and value.

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https://www.youtube.com/shorts/SW0Si47HLlg

VIDEO: When walking away from a mortgage does not lead to a lawsuit

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Source: https://www.newportbeachrealestateattorney.com/when-walking-away-from-a-mortgage-does-not-lead-to-a-lawsuit