Posted on: 17th Oct, 2012 01:30 am
i have a property in california which is my personal residence as well. my loan is a refinance and the loan is 30 year fixed at 6% on a jumbo loan. my main concerns are the legalities of walking away from my mortgage contract. i have never broken a contract but after 3 years of dealing with an uncooperative mortgage company who will just not work with me, i am now prepared to break this unjust contract. can they sue me? garnish my wages or bank account later? what about my business? can they go after that as well? i appreciate any help the moderators or other members can help me with.
Hi Conny,
If you walkaway from the property, then the lender will start the foreclosure process. After the property is foreclosed, the lender will come after you in order to recover the deficient balance resulting from the sale of the property.
Thanks,
Jerry
If you walkaway from the property, then the lender will start the foreclosure process. After the property is foreclosed, the lender will come after you in order to recover the deficient balance resulting from the sale of the property.
Thanks,
Jerry
Hi Conny!
Welcome to forums!
If the property is foreclosed by the lender, then he will definitely come after you in order to recover the debts. If they are unable to recover the debts, then they will have a file a lawsuit against you and get a judgment to place a lien on your business.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property is foreclosed by the lender, then he will definitely come after you in order to recover the debts. If they are unable to recover the debts, then they will have a file a lawsuit against you and get a judgment to place a lien on your business.
Feel free to ask if you've further queries.
Sussane