Posted on: 05th Jun, 2011 10:42 am
:( anyone know Tn. law about walking away from a home? how long dose the lender have to come after me?
Color me naive, but I doubt any of the Tennessee lawmakers have even contemplated addressing the abandonment of a home in terms of the length of time a lender can "come after" you.
Walking away, of course, has always been around, but it's not the act which will precipitate an action. Defaulting on your mortgage, whether you still reside there or not, is what will give the lender a reason to take action, which would naturally mean a foreclosure suit.
Walking away, of course, has always been around, but it's not the act which will precipitate an action. Defaulting on your mortgage, whether you still reside there or not, is what will give the lender a reason to take action, which would naturally mean a foreclosure suit.
Hi Guest!
Welcome to forums!
After you abandon the property, the lender will foreclose the property and then come after you in order to recover the deficient balance, if any, resulting from the sale of the property. Moreover, a foreclosure will have a negative affect on your credit report and will lower your scores by around 250 points. So, it's better to negotiate with the lender and go for a loan modification which will help you save your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After you abandon the property, the lender will foreclose the property and then come after you in order to recover the deficient balance, if any, resulting from the sale of the property. Moreover, a foreclosure will have a negative affect on your credit report and will lower your scores by around 250 points. So, it's better to negotiate with the lender and go for a loan modification which will help you save your property.
Feel free to ask if you've further queries.
Sussane
"Come after" reminds me of those old westerns in which the posse saddles up to chase after the bad guy(s).
Somehow, I just can't bring myself to equate the effort to collect a deficiency balance with "coming after" someone. It's not like they'll be hitting the streets to track you down, checking every nook, cranny and alleyway.
Somehow, I just can't bring myself to equate the effort to collect a deficiency balance with "coming after" someone. It's not like they'll be hitting the streets to track you down, checking every nook, cranny and alleyway.