If Iam about to walk away from my home, what are my legal responsabilities?
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If Iam about to walk away from my home, what are my legal responsabilities?
We have tried refinancing but it was denied. We tried selling. We have tried getting a home modification (the lender has not responded in over 6 months).
Asked on December 11, 2010 under Real Estate Law, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your situation. There is one more option here instead of walking away from the house. There is something known as giving the bank what is known adeed in lieu of foreclosure. That means that you would turn over the house before they start foreclosure proceedings which help run up your fees on the matter on top of the overdue mortgage payments that caused you to go in to default in the first place. But the most important thing about it is to insist that in giving them the deed they waive any deficiency judgement against you. That means that they can not come after you for the difference between the money owed on the mortgage and the amount the house sold at foreclosure if in fact it sells for less. You might want to try speaking with an attorney in your area. Good luck.
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