What are the consequences if I walk away from primary residence?
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What are the consequences if I walk away from primary residence?
We have to move oversea permanently due to job relocation.Will HOA garnish my oversea wage or freeze my US savings account for overdue payment after I foreclose? Will they serve me oversea and take me to court? What will happen if I cannot afford the property tax after I foreclose? Will the garnish oversea wage or freeze bank account as well? If we cancel our homeowner insurance and the house get vandalize or someone gets hurt, will they sue and serve paper oversea? Our lender is Bank of America. Will they sue us for any legal fee, overdue property tax, overdue HOA fee if we just send them the keys? We contacted them but no results.
Asked on November 1, 2010 under Real Estate Law, Alaska
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Ok, hold on. You need to get help with this in your area. You have a zillion questions here so let's take this step by step. If the Bank the forecloses and the house is sold for less than the mortgage then the bank will come after you and your assets for the deficiency judgement. As for the overseas assets, I doubt that they could be that far reaching. If someone gets hurt after you cancel the insurance and before the bank takes over then yes, you will be liable. Will they serve you overseas? It is a difficult process but it can be done. When you say that you have contacted them with no results what exactly do you mean? What did you ask them? You might want to consider a deed in lieu of foreclosure where you turn over the house to the Bank before they foreclose. Just make sure they waive the deficiency. As for the HOA fees, they will sue for them too. Het help.
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