Posted on: 07th Jun, 2009 05:23 pm
Times is hard in the Motor City and funds are getting low I owe $60,000 on my home and the house across the street just sold for $2000 Im ready to leave I just here if you leave without a hardship they can come back to get the balance since Im still working is this true
Hi Motown,
If you simply walk away from the property, the lender will foreclose on it and in case there is any deficiency, they will come after you for the balance amount. If you are working, they can even garnish your wages. Have you tried to modify your loan to make your payments affordable? Because, the market is bound to improve in a few years time and walking away from the property simply due to its low current value, will not be a wise decision.
If you simply walk away from the property, the lender will foreclose on it and in case there is any deficiency, they will come after you for the balance amount. If you are working, they can even garnish your wages. Have you tried to modify your loan to make your payments affordable? Because, the market is bound to improve in a few years time and walking away from the property simply due to its low current value, will not be a wise decision.
Motown, you posted essentially the same question yesterday.
you are answerable to pay yor loan.
you have some options available to you like:
Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale, Deed-in-lieu of foreclosure
you have some options available to you like:
Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale, Deed-in-lieu of foreclosure