Walk out from the property

[Sahil]

I am 29 years old young man. Living in Toronto Canada from the last six years. My credit is excellent. I have a family with two little daughters.

5 years ago, I brought a condo which realestate agent actually sold me $25000 over price. I was quite new that time and didn't really know the property buy/sell techniques. In other word he completely screwed me up. I brought that property only on 5% down.

Now after 5 years price of the property went more down and now I owe to the bank more than what is the actual value of the property. in other words the principal mortgage amount after 5 years is $100,000 and the property value is $80,000.

Some people advised me to walk out from the property. i.e. stop paying the mortgage and bank will take over the house.

My question is I know that if will effect my credit rating, but what other disadvantages i may have.

I have a car (cost around $20,000). Will they take my car as well?
I am planing to move to US soon. will my bad canadian credit history effect in the US?

What about my personal belongings? i.e. laptop, computers, my wife jewellery etc.

Please someone advise me something what to do.
I am in Toronto/Canada.

Thanks

[Sahil]

please help!!!

no one can give me an expert advise?

[HHM]

Well, your question is really beyond the scope of this forum. I don't think anyone here is equiped to advise you about Canadian law.

[Sahil]

Can you adavise me the link where I can go and post the question?
I would really appriciate that.

Thanks