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.
Are you an attorney? Sign up to answer this question.
Legal Answers Categories
Real Estate Law Answers
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
Related Real Estate Questions
Didn't find your answer? Ask.
Top Ranking Attorneys
- Hong Shen203 Answers|Points 10150Gold Contributor
- Joseph Gasparrini43 Answers|Points 2050Bronze Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga66 Answers|Points 3250Bronze Contributor
- Shawn Jackson17 Answers|Points 850Bronze Contributor
- Jonathan Griffin14 Answers|Points 700Bronze Contributor
- Hong Shen203 Answers|Points 10150Gold Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga66 Answers|Points 3250Bronze Contributor
- Sharon Siegel62 Answers|Points 3090Bronze Contributor
- Michael D. Siegel56 Answers|Points 2750Bronze Contributor
- Paula McGill50 Answers|Points 2500Bronze Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here
More Questions Like This...
 |