Can I walk away from my loan in Arizona without being chased down to pay back later?

It depends on whether the mortgage is recourse or non-recourse. A non-recourse loan means the worst they can do is get the property. If it is a recourse loan (in Connecticut most are) the bank can pursue a judgment for the difference between the value of the property and the debt. Generally, the bank isn't going to think you need help as long as you are current on your payments. You may find if you default that the bank may want to work with you. You should consult an Arizona Attorney about this. Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive legal consultation and review of all the facts and documents at issue. This answer does not constitute an attorney-client relationship.

Most of the time in Arizona, if the loan at issue was taken out to purchase your residence, the bank will NOT be able to come after you if you default on the loan. However, the rules on this are complicated. You will want to consult with an Arizona attorney on this before you make a final decision. Our law firm handles this sort of matter. http://www.gundersondenton.com/