[SW6906]

"How will walking away from your mortgage affect your credit score and ability to buy a home in the future?"

You signed a contract to borrow X dollars from the bank and pay it off over a period of time. If you "walk away" from that and don't pay the bank back, the bank will see to it that your credit rating will reflect that you don't pay your obligations. No one will loan you money for a very long time. You may even have a hard time renting an apartment like the genius author of this article says you should do.

[RegulatorCountry]

Seven years, most likely. Ten max.

[kabar]

Bankruptcy filings in the US: Non-business filings for the 12-month period ending June 30, 2010 totaled 1,512,989, up 21 percent compared to the 1,251,294 non-business filings for June 30, 2009.

Business filings totaled 59,608, up 8 percent from the 55,021filings reported in June 30, 2009.