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I have recently heard reports in the news about many home-owners 'simply' walking out the door of their mortgaged home and never looking back. I had never heard of anyone doing anything like this so I decided to investigate. Apparently, when the home is worth less than the mortgage debt to the bank, people seem to go insane and just let the bank take it over. I can't imagine this is good for your credit. I would like to know more about what kinds of people are having to do this and what the ramifications are.

It is scary when the economy is so bizarre that people are doing things you have never even heard of before, to save their money but seriously effect their future. I'm a licensed real estate agent in new jersey and have worked with mortgage companies in nj.

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