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ajmd77 · Joined: 09 Jul 2009 Posts: 3 2.23 Dollars($)

I have a townhome in maryland , bought in july 2005, with 2 mortgages countrywide ($192,000) and ($36,000)citimortage, total remaining balance $220,000 and the property only worth $130,000. is there any way, so i can walk away from the house and they can forgive the deficiency, without affecting the credit so much? i am behind 3 months payment as now. i just received notice intent to accelerate last month. i was unemployed for 3 months and i will start work again next week, but i don't want to keep the property anymore. Thank you.

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Check with a local attorney what the anti deficiency laws are in your state.

Posted: Wed Nov 18, 2009 7:16 am Post subject:

I think in MD, the lender can not do nything until 7 to 8 months of default before acceleration of note on any mortgage. In fact, 8 months precisely before acceleration proceedings.

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