Lenders are now running after 'walkaway' homeowners. Its a variation of "you can run, but you can't hide." An increasing number of people are simply walking away from their homes, however banks and other lending institutions are starting to run after them by hiring collection agencies or "getting deficiency judgements (court orders that allow banks and/or lending institutions to collect on mortgage balances). This is bad news for all the walkaway ex-homeowners, because such a court order would allow the bank and/or lending institutions to do everything from garnishing wages to grabbing tax refunds to begin to be paid back what is owed to them.

Didn't think it could get worse for the walkaway ex-homeowner, well did you know that they are also responsible for taxes on the home they walked away from. Who knew, obviously not the walkaway homeowner.

At the current moment, many banks are actually paying off those unpaid taxes because they want to head off a tax foreclosure situation, but be assured once they catch their breath, they will be be running after those walkaway ex-homeowners to recoup those payments made on their behalf.

We recently posted a blog entry about why walking away from your home is not the answer.

Click Here to read that blog entry and print a free report!

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