My wife died recently and I cannot afford mortgage payments. If I turn my house back to the bank, can they sue me?
Question Details:
Due to refinancing, there is no equity built up, so I want to give the house to the bank. I worry later they will come after me to recover any losses although I think they will be able to sell it for it's worth.
Robert Johnston / Law Office Of Robert J. Johnston Attorney
Answered 3 years ago
This attorney is licensed in South Carolina
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They could, but given the state of the economy and the massive numbers of people in default and in foreclosure, there are alternatives. The best thing a person can do in this situation is call their bank and discuss the problem. Most banks have programs that can help people including what is called a Short Sale. Its worth the call
