Can I walk away from my mortgage/loan on my home in New Mexico?

My mortgage is now at a point I cann’t afford it anymore. Can i tell the bank, the house is now yours?

Asked on June 28, 2009 under Real Estate Law, New Mexico

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  If you fail to pay the mortgage, the ban will take it from you.  The thing that you should know is that if the bank gets a judgment it could seek money from you that it did nto get paid because the house was not worth the amount of the mortgage.  However, it is very unlikely that the bank will do that.  You could also try to give the bank a deed in lieu.  This is basically like saying, here is the property back.  You should call the bank to ask for the application to get this done.  you shouldnt need a laywer.


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