Can the bank get my retirement if I walk away from my mortgage?

Submitted by Donna Martin from MI - 06/15/2010 - 1:01pm

I live in Michigan. I have an FHA mortgage through a bank. I owe 68,000.00 on the house, it needs a lot of repairs and according to a survey done by my real estate agent, it will sell for 13,000 to 22,000. I just want to walk awa'y. I am 62 and it is too much for me anymore. The bank has indicated to me that they probably won't approve a short sale because I make too much money. I am retiring from the public school system, I will get social security too. I know they can't touch my social security, but can they come after my retirement if I just walk away & let them forclose - they do not do cash for keys either.

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