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I love in ohio.... I owe 31,000.00 on a small condo. I'm walking away because nothing has sold in this complex for 4 years unless at a sheriff sale. People are buying these condos for 3 and 4 thosand dollars. i have tried to sell mine 5 times now I just want out. If mine sells for one of these low prices what will happen to me? Will I have to pay the difference of maybe 27,000.00 back to the mortgage? Will you make payments on this .................. Also I'm currently in a chapter 13..........
Do they usually file for a dificiency judgment

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savior70 · Posted: Tue Jun 23, 2009 3:24 am Post subject:

Hi

If you walk away from the property and the house is sold for less than amount owed, you'll be responsible for the difference. With the number of foreclosures rising, it is expected that the lender will file for deficiency judgment against you. You can, however, negotiate with the lender and settle the debt for less than the amount owed. Instead of walking away from the property, you can do a deed in lieu of foreclosure. In that case, chances are that the lender will forgive the difference.

Guest

This condo was already put into a chapter 7 so as I understand it can not go after me

adonis · Posted: Mon Mar 01, 2010 12:04 am Post subject:

Hi LC,

If you surrender the property after Chapter 7, the lender can foreclose the property to recover his dues, but he won't be able to sue you for the deficient balance.

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