If my mother owns a condo that is being foreclosed on and she owns no other assets, can she just walk away from the property?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If my mother owns a condo that is being foreclosed on and she owns no other assets, can she just walk away from the property?

The condo had become uninhabitable. There were issues with mold, the air conditioner quit and the repairs to fix the property were more money than she had (which is basically zero). I helped her move to an apartment and she has now received the foreclosure notice. She has no desire to retain the property. Can she simply ignore the notice? She lives on social security and has no income.

Asked on September 25, 2014 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Your mother is effectively judgment proof--she has no other assets; social security income cannot be garnished by creditors--so you can, as a practical matter, "walk away" from the property so long as she is not worried about 1) possibly having a lawsuit filed against her (even if they can't get money, it can be distressing) and 2) any impact to her credit rating.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption