There was an interesting piece on Yahoo.com/finance regarding the ethical issues involved with walking away from your mortgage.
Click Link Here:
When making the decision to 'strategically default', you should consult a Washington Foreclosure Attorney, or an Attorney who does a lot of Foreclosure work in your State. The law varies State to State in regards to deficiency options, and the ability of the banks to pursue other assets.
Basics of Washington Law:
In Washington, the general rule is that the foreclosing party (Bank) cannot pursue a deficiency. The foreclosing party will simply be able to foreclose on the secured collateral. Washington does, however, allow the parties with Jr. Liens (ie. 2nd & 3rd mortgages)to the foreclosing party to seek a deficiency judgment. Accordingly, the decision to walk away should be well thought out based on the facts of your particular situation.
For more information, see a Seattle Foreclosure Attorney.
Weitz Law Firm, PLLC
5400 Carillon Point
Building 5000, 4th Fl
Kirkland, WA 98033
T: (425) 889-9300