You have options. Don’t “walk away” from a home or let it go to foreclosure. The ramifications of this action can haunt you for years, to include surprises like the people in this article are finding out.
Allowing a home to go into foreclosure does not necessarily absolve you of the debt. The deficiency balance – the difference between the mortgage value and the ultimate sale value of the home – can chase you for years.
This is not legal advice; always consult an attorney or CPA as applicable. However, I can state that you have options in a pre-foreclosure situation.
Call or text me at 719-440-6626 and we can talk about those options.
Rob