[unemployed]

...very little income? My Wife and I plan on walking away from our home here in Michigan after 14 years of refinancing and taking out a second mortgage about 6 years back and last year we had to file bankruptcy and I was laid off after 15 years in a machine shop, now I'm on unemployment and my wife works making only a little above minimum wage. we found a home to rent for less than half what it costs to live here and we have no assets or bank accounts and no 401k or retirement. So what could happen when we walk away from our mortgages when we have nothing and make next to nothing and our cars are very old with high miles, so how could they came after us when we have nothing? like the saying goes you cant squeeze water out of a rock. So what kind of trouble will we run into down the road? one more thing after the economy taking a dive we owe about 35% more than the house is worth. thanks for any insight on this problem

[CarolO]

You already have a bankruptcy on your credit report so walking away from your mortgage isn't going to make much difference. The bank will sell the home, if they can, and take a loss on the mortgage. Your credit is already trashed so there's not much more that can happen. Of course you'll probably be ineligible for another mortgage for 10 years or so which means that when the housing market goes up, you won't be able to profit from that. But I don't figure you really care at this point.If you can find a place that will rent to you on your current income (or lack of same), go for it.