Posted on: 17th Oct, 2012 01:29 am
Hi there… I have several questions and hope you can answer them. We are not US citizens and have been sent here due to my husband's job. We have taken out a property here and now we can’t pay off the mortgage. The lender is planning to foreclose the property. Can we just stop paying next month and leave the country and let the foreclosure process to its own devices? What are the chances of Freddie Mac pursuing us for a deficiency given the presence of PMI? Will our being in a different country affect the likelihood of being pursued for the deficiency? We have no intention of ever returning to the States.
Hi Yanky,
The lender will start off with foreclosure only after you're 3 months or more delinquent on your mortgage payments. If you leave the property and the country, the lender won't be able to come after you in order to recover the debts. They will try to recover the debts from the PMI.
Thanks,
Jerry
The lender will start off with foreclosure only after you're 3 months or more delinquent on your mortgage payments. If you leave the property and the country, the lender won't be able to come after you in order to recover the debts. They will try to recover the debts from the PMI.
Thanks,
Jerry
Hi Yanky!
Welcome to forums!
You won't be pursued for the deficient amount if you leave the country after the foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You won't be pursued for the deficient amount if you leave the country after the foreclosure.
Feel free to ask if you've further queries.
Sussane