house forclosure
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house forclosure
Can not afford to make house payment and no
luck selling my house. What happens if I walk
Away from the home?
Asked on July 22, 2018 under Real Estate Law, Indiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If you walk away, the lender can foreclose IF they choose--they are not required to. If they do not foreclose, they can simply sue you for the money; even if you don't have it now to pay, they will get a judgment against you which will last for years, will damage your credit for years, and which they can use to collect from you if your financial situation improves.
If the do foreclose, the house will be sold at a foreclosure sale or auction. The proceeds, after paying cost of the sale, will be applied to the mortgage. If the mortgage is not fully paid off, the can sue you for the remaining balance.
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