Posted on: 10th Jul, 2009 05:16 am
I have a townhome in maryland , bought in july 2005, with 2 mortgages countrywide ($192,000) and ($36,000)citimortage, total remaining balance $220,000 and the property only worth $130,000. is there any way, so i can walk away from the house and they can forgive the deficiency, without affecting the credit so much? i am behind 3 months payment as now. i just received notice intent to accelerate last month. i was unemployed for 3 months and i will start work again next week, but i don't want to keep the property anymore. Thank you.
Check with a local attorney what the anti deficiency laws are in your state.
I think in MD, the lender can not do nything until 7 to 8 months of default before acceleration of note on any mortgage. In fact, 8 months precisely before acceleration proceedings.