I have had it with my loan. The bank won’t help me, even thou my house payment exceeds 31% of what my income is. I am thinking about stopping payments on the house loan due to the fact that I just keep cutting closer and closer to not being able to make the payments anymore. What is the worst they can do to me?
A: Most of the time in Arizona, if the loan at issue was taken out to purchase your residence, the bank will NOT be able to come after you if you default on the loan. However, the rules on this are complicated. You will want to consult with an Arizona attorney on this before you make a final decision. Our law firm handles this sort of matter.
* This answer does not constitute legal advice. I am admitted in the State of Arizona only. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. You should not rely on this advice alone, and nothing in these communications creates an attorney-client relationship.