Walkaways...what are they?

Walkaways...what are they?

Walkaways...what are they?

Mortgage law experts say the incentive to walk away from a home loan is highest in states that have anti-deficiency statutes, which prohibit lenders from suing borrowers for additional funds after foreclosure. California is one of those states.

These anti-deficiency laws make a huge impact on foreclosure rates  because they are basically "get out of jail" cards, said Professor Zywicki of  George Mason University in the Washington D.C. area.

The handful of non-recourse mortgages states includes, in addition to California, the high foreclosure states of Arizona, Florida, Texas, and even Washington.  The statutes generally prohibit or limit a lenders' ability to go after the borrowers' assets to satisfy the unpaid mortgage debt.

In Redding, CA, and in our office, we have one of the largest inventories of foreclosed homes in the North State. From Los Molinos and Corning, north to the California border, including Red Bluff, Cottonwood, Anderson, Redding, and Shasta Lake City, we have a choice of  REPOs from the $100,000 range up to the $600,000 category. Price is largely based on square footage of the home, the location, and the overall condition.

For additional information, lists of foreclosures, photos, etc....e-mail   ronlargent@kw.com   or go to    www.ronlargent.com