will the lender go after your bank accounts in foreclosure?

I owe a condo in Seattle. It is under water. I am thinking about not making any more payments and let it go. It is rented but the rent covers about 40% of the monthly payment and HOA's are high. The loan has a PMI, shouldn't that cover the deficiency if I do a quick claim? or just send the keys to the bank?

Hi Pat,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/know-how/about38158.html#163052

Take a look at it. I hope it'll help you.

Thanks

i reside in nj and i am planing on a short sale my house. will the lender ;00come after my investment property. the house was sold for 630,000.
i put 80.000. as a down payment. today its app. at 300.00.

I believe California is one of the states that lenders cannot file a deficiency judgement against you ...

Does anyone know if deficiency judgement is possible or happens often in Illinois against one's other rental property, saving account, or investment (stocks) account? Appreciate any help!

Hi Guest,

In case of a foreclosure, the lender can come after you in order to recover the deficiency judgment in Illinois. If you do not pay the deficiency judgment, the lender will file a lawsuit in order to garnish your wages or your savings account.

Thanks

I own 2 houses in Illinois and financially I cannot afford to keep the 2nd home and I want to let it go. what is the best way to give the house up and not have my bank accounts, CD's effected.

hi vw!

welcome to forums!

you can apply for a deed in lieu of foreclosure in order to get rid of the property. if the lender accepts your request, then you will be able to sell off the property and won't be liable for paying the deficient balance resulting from the sale of the property. thus, the lender won't be able to attach your bank accounts, cd's, etc.

feel free to ask if you've further queries.

sussane