Posted on: 22nd Jan, 2011 04:57 am
I am relocating to another state and need to get rid of my home. Have already lost over $50K in value because of the economy but am not officially "under water." Am looking to sell for what I owe just to get out from under the property. If the property doesn't sell in 12 months I WILL stop payment. Period. I don't want the house and could care less about negotiating with the bank. I don't care. By the time the house falls into foreclosure I will ALREADY own another property so a bad credit rating DOES NOT CONCERN me. What legal actions can I expect from the bank?
If the lender forecloses the property, he can come after you in order to recover the deficient balance resulting from the property sale. If you cannot pay off the deficient balance, the lender can place a lien on your new property.