Posts Tagged ‘interest only loan’

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?


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