What happens to your credit if you just walk away from your home and don't even file bankruptcy?

Question

What happens to your credit if you just walk away from your home and don't even file bankruptcy?

Answer 1

It will still adversely affect your credit, and might possibly be viewed as worse than filing bankruptcy.

Answer 2

it goes to the crapper

Answer 3

Thats not such a good idea! you will end up having a horrible credit score and not be able to get ANYTHING on credit or without a huge down payment.

Answer 4

You will totally s***w your credit rating and you will still owe the difference between what they can sell your place for (less expenses) and what you still owe on it. You sound like a lazy person with this strategy.  

Answer 5

lol. The answer is, YOU CAN'T. The bank will take the home, sale it, and file a judgment against you. Meaning that on your credit it will still show you owe the bank. Even bankruptcy will not eliminate you from having to pay the bank back. In the last few years Bankruptcy law has changed dramatically, you can no longer file for it whenever you want, it is a long drawn out process now, where you have to prove that you attempted to pay your bills, and it's not as simply as a few pieces of documentation. My advice would be to try and sale the home if you cannot cover the mortgage. This will be more beneficial.