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I have a home in Arizona that I bought for 186,000, 4 years ago I took out a HELOC loan for 70,000..my house just appraised for 165,000. If I choose to walk away from this bad investment, can they come after me for the money I owe on the HELOC?

Response by Carlton C. Casler. It sounds like a simple question, but it is not. I need to ask you about 20 questions before I (or anyone) can answer that question. See "Can I 'Walk Away' from my property/mortgage?," on this blog, under the category "General Real Estate."

Great advice. Its better to ask someone who's an expert in this kind of field than to be fooled.

This information is very helpful. Your post/article really interesting. Thank you for the reference.

I own a rental home in kingman Arizona. I live in California. The property value went down and rental rates also went down. I am not able to sell the property for the money that I owe on it. I have two other properties in California. My concern is what will happen if let the Kingman property go into foreclosure? I have to come up with 300 to 4oo dollars every month to pay the Mtg.

Answer by Carlton Casler: You are experiencing the same problem as many other homeowners and investors. The answer for the Kingman property is determined by Arizona law (i.e., no matter what state you live in). There are many factors that will determine what the consequences will be if you allow the Kingman property to go into foreclosure. I simply do not have enough facts about your situation to give you an accurate answer. Look at the following postings on this site: (1) "What if a residential rental property goes into foreclosure during the lease?" and (2) "Can I "Walk Away" from my property/mortgage?" This two postings may help, but the only way to know FOR SURE about your situation is to consult a real estate attorney.

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