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sportscarvell · Joined: 26 Jan 2010 Posts: 8 2.83 Dollars($)

I'm in South Carolina and thinking about walking away from a 250k condo that I owe 200k and it's appraising around 140k.

How likely is my mortgage company (serviced by IBM Lending, owned by Fannie) to pursue a DEFICIENCY JUDGMENT and go after my other assets? You hear people talk about them all the time on here, but you almost never hear the REST OF THE STORY. It's almost like, when people finish going through this entire devastating process, they never come back and post how it all ended.

Does anybody have any insight or opinion? Thanks, Pete

adonis · Posted: Sun Dec 05, 2010 8:10 pm Post subject:

Welcome sportscarvell,

As far as I know, a deficiency judgment is permitted in South Carolina. The lender can come after you in order to recover his dues once the property is sold off at a foreclosure auction.

sportscarvell · Joined: 26 Jan 2010 Posts: 8 2.83 Dollars($)

Thanks for your answer but I was looking for real-life examples. Anyone?

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