We own property in Idaho. If we “walk away” from the Idaho property, can they garnish our wages?

February 15th, 2009 by Jarad S.

Question: We own property in Idaho through an interest only loan. We had planned to sell our home in California this year and pay off the land in Idaho with the money from the sale. Now the California house is worth less than we owe on it and we are stuck with an interest only loan on property in Idaho. If we “walk away” from the Idaho property, can they garnish our wages for the amount of the loan?

Tags: Foreclosure, interest only loan, mortgage

This entry was posted on Sunday, February 15th, 2009 at 3:43 pm and is filed under Foreclosure, Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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