i bought a house back in 2000 as a personal residence in MN, after 2-3 years i moved out, rented it and then bought another property as a personal residence and then got a job out in AZ, so i rented out the second property as well.
So as follows here are both properties..
1) First property, was residence turned to rental. This property was refi'ed several times thanks to my mortgage broker..
2nd/Heloc - ~70K
2) 2nd property, this was also purchased as a residence and after two years rented it out after i got a job in AZ.... This is completely purchase money 80/20..
BOTH properties are in MN, i live in AZ....
I am wondering
1) what would would be considered recourse vs non recourse in MN?
2) What are the legal consequences of walking away?
3) What are the tax consequences of walking away?
4) Would they likely get a deficiency judgment against me?
Essentially what is the likely outcome of my little debacle?