What are the consequences if I walk away from primary residence?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 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.


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 with SHA-256 Encryption