Posted on: 10th Sep, 2010 06:06 pm
Hi George,
I own a house in CT, and plan on leaving the country. What are my risks? Can they go after by bank account? Can they warn my employer? Can they track me down to my new Country?
Thanks for your time.
A.S.
I own a house in CT, and plan on leaving the country. What are my risks? Can they go after by bank account? Can they warn my employer? Can they track me down to my new Country?
Thanks for your time.
A.S.
Hi antoine,
Once you leave the property, the lender will foreclose your property. After foreclosure, you'll be liable for paying the balance dues resulting from the property sale. As far as I know, CT is a recourse state. If you don't pay the deficiency balance, then the lender can file a deficiency judgment against you and garnish your savings account.
Thanks
Once you leave the property, the lender will foreclose your property. After foreclosure, you'll be liable for paying the balance dues resulting from the property sale. As far as I know, CT is a recourse state. If you don't pay the deficiency balance, then the lender can file a deficiency judgment against you and garnish your savings account.
Thanks
Sorry to be so delinquent in responding to you Antoine, but here I am at last. I don't imagine that unless you're spreading the word to your lender that you'll be "tracked down" very easily. As for the deficiency, yes, I have no doubt that the lender would prefer to collect every penny; but I'm not of the mind that you need to be too concerned about it.
That's not to say I condone walking away from a debt....I'm "just sayin'"...
But if you're relocating out of the US, it would seem fruitless for you to deal with it, unless you're concerned about it deep down inside. 'Nuf said.
That's not to say I condone walking away from a debt....I'm "just sayin'"...
But if you're relocating out of the US, it would seem fruitless for you to deal with it, unless you're concerned about it deep down inside. 'Nuf said.
