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Bankruptcy Allows Home Owners to Walk Away from Underwater Mortgages

Bankruptcy is never anyone’s first option, however, it does provide the underwater homeowner with the option of surrendering a home and walking away with no deficiency judgment and no tax consequences. A Chapter 7 bankruptcy wipes away your personal obligation to pay debt—including the personal guarantee on your mortgage. Your lender’s only recourse is to take back the collateral for the loan,... [Read more]