Posted on: 30th Jan, 2009 02:59 pm
property has land slippage. with damage to home and sewage damage. too expensive to fix.
Hi Guest!
Welcome to forums!
If you walkaway from the property, the lender will foreclose upon the property which will badly affect your credit. Moreover you will also be liable to pay the deficient amount resulting from the foreclosure sale of the property. If you cannot pay the deficient amount, then either your wages will be garnished or the lender may place lien on your other property. You may speak to the lender for a deed in lieu or short sale if possible.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you walkaway from the property, the lender will foreclose upon the property which will badly affect your credit. Moreover you will also be liable to pay the deficient amount resulting from the foreclosure sale of the property. If you cannot pay the deficient amount, then either your wages will be garnished or the lender may place lien on your other property. You may speak to the lender for a deed in lieu or short sale if possible.
Feel free to ask if you have further queries.
Sussane