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Unfortunately there is no such thing as just walking away from a mortgage without consequence. Louisiana is a recourse state meaning that if you were to walk away from your home and to the extent mortgage insurance does not cover the loss the bank takes on the foreclosure of the home, the lender has a right to seek a judgment (deficiency amount between what is owed and what the home sells for at auction) against you. Once you stop paying on the mortgage the home could be foreclosed on and the lender can seek recourse against you. Not to mention your credit will be destroyed.
A remoted possibility is to get the lender to accept a deed in lieu of foreclosure. However they are not going to do that if you are current on your payments.
If you are struggling to make payments, talk with the lender about a modification to reduce the monthly payment amount.
I apologize that this was probably not the answer you were hoping to receive. However, it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. All my best & encouragement. Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated 3 or higher. If for any reason you feel that a low rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" tab. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.
i also had ask you about a thing called dash and run
i could have got this from anyone. i was looking for legal answer. this to me is not one. i understand something can happen but what you told me is not what i was asking.
I am sorry for the delay in getting back to you with your follow up question. My goal is to provide you with excellent service. I am sorry I was not clear on which you were asking whether run and dash was real or if you can walk away from a house. I believe I answered both questions however you rated my service as "bad"Louisiana is a state that permits a bank to come after a person if they walk away and the lender lost money during the foreclosure (which they typically do). If a person hands a bank a deed conveying the property the person is still obligated to pay under the terms of the promissory note. If the bank agrees to cancel the note because the person gave them back the deed then the lender may do so. The reality is a lender would not do this.Dash and run is not a real legal theory, process or term used in foreclosure and lending law or any other law for that matter.
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