I own a home in Clayton, De. I have been trying to sell...now I rent. Can I buy a home in PA and then allow home in DE to foreclose w/o recourse?

Asked by juanita.dennis31, Clayton, DE Wed Oct 26, 2011

Bought home in DE 2009. Cannot move due to employment regulation in PA...must live wher I work. Can't find a job in DE to relocate. Tried to sell once, no luck, renting $300. below mortgage payment. I will try to sell again in April, but after my second I am ready to move on. I want to buy another home to live in before I walk away from the DE home. Can't the bank come after my new home or income, i.e., taxes, 401, bank acct., etc.

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Frank Mathews, Agent, Wilmington, DE
Tue Feb 14, 2012
Understanding the market is not the best, you have been approaching this with the next best thought and that is renting. However, becoming a Landlord and doing the necessary evils of Property Management takes a certain mind-set. Rent is up and in high demand. I cannot keep my inventory stocked enough for the calls I receive. Never think about walking away, when other options are still available. Put it this way, it doesn't sound like purchasing property elsewhere depends on you selling this home. Of course, the amount collected each month from renting this home could cancel your mortgage out in your debt-to-income ratio to purchase another property. It is always good to speak with a Property Management Team about managing it for you.

Frank Mathews
Web Reference:  http://ApplebaumRealty.com
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Anna M Brocco, Agent, Williston Park, NY
Wed Oct 26, 2011
Before considering walking away, in order to best protect yourself consult with an attorney who specializes in real estate, see what option is best for you; it's possible a short sale may be an available choice.....
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