l owe about $8000 more than what my home is worth, I've had it up for sale and had no luck, l wanna know the risks of leaving a mortgage to get another one....besides it going on my credit? l have heard that they can garnish your wages, is this true?
l am not behind on my mortgage, but my house is not in very good condition, and owe more than it is worth. l want out of this house badly, l have had no luck with selling, l wanna know if l can buy another house and let this one go, what would be the risks? Thanks to all that have answered so far.

Your credit will be too bad to get a loan for the other house.

You would do better to call the bank, and ask that they take the home back. It would not be a foreclosure, and would not hurt your credit.

You cannot just leave a mortgage and get another one. When you get another one they will run a credit check on you and see your other mortgage and will see if you are deliquent on it. It is best to just work at paying the new mortgage off while you are trying to sell.

l do not think they can garnish your wages but if you foreclose on one house, you wo not qualify for another one. l would try renting it out before you up and leave it. The market WILL turn around, it just might take awhile. Good luck

They probably can not garnish your wages depending on the State you live in. But lenders are getting wise to this and you will have a hard time getting a loan for the new place. And even if you do, your credit is going to be trashed for a very long time. We're in a credit crisis and money is going to get tighter and tighter.

The bank can get a judgment against you and the court can garnish your wages. No one will approve you for a new mortgage anytime soon after that.

IF it goes to collections they can do whatever they want to get their money. But know that it may only be $8000 upsidedown, but if it goes to sale a foreclosed home, its going to sell for less than what its worth. So you could end up owing over $20,000 before its over.

Long story short, its a bad idea, hold out and wait for it to sell.

Unless you have a very low debt ratio, no one is going to finance a second home for you. If you abandon it and ruin your credit, you certainly can not buy another.
I'd hang in there until it sells, because it they repo and sell it, you will owe a lot more that $8000 and they will get their money.

They will find you! Also, think for a second, if it was that easy to do, do not you think everyone would be doing it right now? And we wonder why our economy sucks. How about getting a new real estate agent? Or maybe stick with the mortgage or rent it out?

l think this question is a setup for the 1st answerer to ''Hawk his wares''.

Have you discussed a short sell with your realtor? It may be less harmful to your credit to sell at a loss rather than a full foreclosure

This can no longer be done. HUD released a new standard 09-22-08. In a nut shell, u will not be able to buy another primary residence without selling yours unless u own 75% of ur current residence. There is a LOT more to the new rules, so l would suggest going to the HUD web site for the exact details & legal description.
The best thing to do in many of these cases is to contact ur mortgage company & work out a deal. They r more than willing to compromise right now.

if you refused to pay back one loan to buy a house, why would anyone give you another one? You borrowed money to buy a house. you agreed to pay the loan back, why do you think you shouldnt have to pay it back. Its people like you that are causing the rest of us to pay for your wanting a handout.