Of course you can, but the real question is "should" you? The answer to that quesion turns on the answers to these questions:
- What happens if I let the lender “foreclose” on the property?
- Can the lender get a deficiency judgment?
- What is a deficiency judgment?
- Do the Arizona anti-deficiency statutes apply to me?
- Do the anti-deficiency statutes apply to investment property?
- Do the anti-deficiency statutes apply to VA or FHA loans?
- What is the Mortgage Forgiveness Debt Relief Act of 2007 and, more importantly, does it apply to me?
- What are my alternatives? (i.e., deed-in-lieu, bankruptcy, short sale, etc.)
- What is the impact on my credit of a deed-in-lieu, bankruptcy or short sale?
- Can I get a loan after a foreclosure, short sale or bankruptcy?
As you can see, determining whethe or not you "should" Walk Away from your property requires some complex analysis and the available options are determined by your specific facts.
Real estate agents/brokers may try to help you with these questions, but they don't have the answers and, even if they do, they are prohibited by law from giving you legal advice. So the simple (and obvious) answer is -- talk to a real estate lawyer. That is the only way to get the correct answers to these (and many other) questions, thereby allowing you to make an informed decision.
