Saturday, February 11, 2012
I am thinking about home foreclosure- what should I do?
I am under water and thinking of giving up my home. I have some cash in bank and some stocks in mortgage account? Would the bank come after my cash and stocks if i put my home for foreclosure?
Thanks
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Possibly. I’m not familiar with Australian law. But I imagine you will damage your credit if you let them foreclose.
The way you wrote this, it reads like you just want to escape the obligation, not that you can’t afford it. This leads me to think that you have other pressing issues in your life and I urge you to evaluate whatever those may be in advance of making a financial decision that may be catastrophic for you down the road.
Best wishes!