Posted on: 07th Sep, 2010 07:27 pm
Hello, My question is; we have a mobilehome loan with a private lender. We want to walk away and let it go back to foreclosure but not sure what the consquences will be. Another words, will they come after to us if they sell the property for less than is owed ie., $23k????
Hi George,
The lender has the rights to come after you in order to recover the balance amount after the property is sold off at a foreclosure auction. If you face hardship in paying the balance amount, you can contact the lender and check out if he can forgive the deficient balance.
Thanks
The lender has the rights to come after you in order to recover the balance amount after the property is sold off at a foreclosure auction. If you face hardship in paying the balance amount, you can contact the lender and check out if he can forgive the deficient balance.
Thanks