Hey r/personalfinance,

for those of you who are/have been homeowners, or have some legal knowledge, please advise me on the potentialities of a strategic default on your home payment?

Wife and I have been in home for about a year and our situation, both financially and personally, has changed fairly dramatically in that time. We require a drastic change of housing in a fairly quick fashion; given the short amount of time we've been in our home, selling it isn't a particularly attractive option as between realtor fees, closing costs, etc. we may end up upside down if we can even sell in a reasonable amount of time.

We have a more mobile, minimalist lifestyle we're pursuing concurrent to the attempt to free ourselves from the house and payment on it. This lifestyle change shouldn't require good credit, so I'm not immediately concerned about the impact on my score. I do, however, want to make sure I won't end up legally culpable by the mortgage company. State is Wisconsin, which to my knowledge has protections in place for people who default.

Has anyone done this? How does the process work? What could I expect should we pursue this option?


submitted by /u/housethrowaway1116

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