Short Sales Foreclosure

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Short Sales Foreclosure

Can I be held personally liable if I walk away from my AZ home?

Asked on June 26, 2009 under Real Estate Law, Arizona

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Normally, you could be held liable for any money left owed on the mortgage, taxes, etc. after the sale on the house.  In other words, if the sale is for 100K and the mortgage is 125K you could be held liable for the 25K left over.  However, a "short sale" can sometimes be with consent of the bank and the bank will accept the lower amount and not come after you or will accept only a percentage of the leftover amount to wipe the slate clear.  You should really speak with the bank and find help in your area.  There are federally funded programs to help people in foreclosure that are either free or cost a very little amount.  It is worth looking in to.


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