Would walking away now affected future student loans?
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Walking away from FHA backed mortgage and future government loans...how bad is it? My wife and I have a FHA mortgage and we pay Bank of America. Moral issues aside if we walked would this affect her ability to get student loans in the future beyond the credit issues that come with a foreclosure? I mean would the government deny any loans if she went for assistance? The loans would be for graduate school and I am 34 and would be looking to go to college for the first time ever as well at some point. I know I need to talk to an attorney just looking for some simple guidance.
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Answer:
My house with an FHA-backed loan (serviced by Wells Fargo) was sold at foreclosure in early 2009. Subsequent semesters at university were not a problem when getting federal student loans through graduation last year.
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