QUESTION
What is the worst that can happen legally if I walk away from my home that has a remaining mortgage?
Asked on Mar 05th, 2013 on Foreclosures - Wisconsin
6 ANSWERS
You could lose the house through a foreclosure, have your credit damaged and have a judgment against you. You should contact the lender about your options. You should also consider a short sale, and I can recommend some good real estate agents.
Answered on Apr 01st, 2013 at 3:05 AM
Criminal Defense Attorney serving Englewood Cliffs, NJ
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Savyon Grant, Esq. & Associates
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That doesnt make sense. You should hire an attorney who can sit with you and can give you several options.
Answered on Mar 06th, 2013 at 12:22 PM
There is no need to walk away from your property! The bank will ultimately foreclose. You are much better off from a credit stand point to short sell your property. Additionally you might be eligible for a lease back of your home and possibly receive relocation money from the bank.
Answered on Mar 06th, 2013 at 12:22 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on where the property is located. Each state has different laws. It is best for you to talk to a very good real estate/foreclosure attorney licensed in the state where the property is located.
Answered on Mar 06th, 2013 at 12:21 PM
Civil Litigation Attorney serving Federal Way, WA
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Stasch Law LLC
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It depends on what state you live in. If you live in Washington, it is a no recourse state which means if the bank forecloses non-judicially, they only get to take back the house and have no recourse against you personally. It will effect your credit
Answered on Mar 06th, 2013 at 12:21 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You can be sued not only for foreclosure, but for the deficiency the lender incurs when they sell the property cheap at a sheriffs sale. A bankruptcy can let you accomplish this without leaving a debt on your shoulders.
Answered on Mar 06th, 2013 at 12:21 PM