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You generally don’t actually have to pay your mortgage - you just lose the house if you don’t (well, and take a hit to your credit score). People can and do wa
by Armisael16 4y ago
You generally don’t actually have to pay your mortgage - you just lose the house if you don’t (well, and take a hit to your credit score).
People can and do walk away from a place when they’re underwater.
- llampx 4y agoDoesn't your credit take a major hit though? Then you'd have a harder time buying a new place for some years.
- BirdieNZ 4y agoThis is country-dependent. In New Zealand, you cannot walk away from the mortgage. You might be able to if you declare bankruptcy, perhaps.
- aaomidi 4y agoThe whole point of the mortgage is that it's backed by the property.