When Can I Walk Away?
In the case of foreclosure or bankruptcy when can I shut off the utitlities and walk away i.e. when am I no longer responsible for the maintience and upkeep on the house.
Answer:
If you don't file bankruptcy, it depends on which state you live in. Some do not allow deficiency judgments--judgments where the house brings in less at auction than the mortgages, liens, fees, costs, etc. Others do. If you file bankruptcy, you can walk away at any time before you enter into a final reaffirmation agreement. You might want to find out if you would be help responsible for someone being injured by your failure to keep up the house. Even if you have filed bankruptcy, you may still be required to exercise reasonable care regarding the condition of the property. Example, a falling brick that lands on and injures someone might still be a big problem for you.
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