If my mother owns a condo that is being foreclosed on and she owns no other assets, can she just walk away from the property?
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If my mother owns a condo that is being foreclosed on and she owns no other assets, can she just walk away from the property?
The condo had become uninhabitable. There were issues with mold, the air conditioner quit and the repairs to fix the property were more money than she had (which is basically zero). I helped her move to an apartment and she has now received the foreclosure notice. She has no desire to retain the property. Can she simply ignore the notice? She lives on social security and has no income.
Asked on September 25, 2014 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Your mother is effectively judgment proof--she has no other assets; social security income cannot be garnished by creditors--so you can, as a practical matter, "walk away" from the property so long as she is not worried about 1) possibly having a lawsuit filed against her (even if they can't get money, it can be distressing) and 2) any impact to her credit rating.
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