Posted on: 02nd Apr, 2010 05:44 am
I have a townhouse in florida that is upsidedown about 130000. it is my primary home, i have a 5 year adj arm interest only that is about to adjust soon. I am trying to modify, but it does not look likely. If i let it go, have the banks started to pursue more deficiencies? thanks
If you simply walkaway from the property and let the lender foreclose it, then the lender has the rights to sue you for the deficient balance. As you're unable to pay off your loan, I would suggest you to apply for a deed in lieu of foreclosure with your lender. If the lender agrees to this, then you won't be liable for the deficient balance resulting from the sale of the property.