Walking Away from a Mortgage
In some cases, it is not feasible for property owners to keep making mortgage payments, whether they receive a few months or a couple of years to try to catch up. When this happens, the best solution may be to walk away from the mortgage. However, trying to do this without the guidance of an experienced foreclosure attorney can be disastrous. There are numerous long-term issues associated with walking away from a mortgage. Failing to address them can leave you in worse financial shape than you were prior to the foreclosure.
We provide long-term resolutions for clients so they can walk away from their mortgage without it haunting them for the rest of their lives. Abandoning a mortgage can cause legal problems in the areas of contract, real estate and tax law. In addition, it can ruin a homeowner's credit score and ability to purchase a home or rent an apartment in the future.
Ways we can help include:
- If you walk away from your mortgage, the negative reporting as a judgment or nonpayment will be on your credit report for seven years, and if the bank is pursuing a deficiency, which they usually do, lenders may pursue you for this amount for the next 10 years and even 20 years. We will help you address this issue ahead of time. We can prevent these actions.
- Giving up your home via a short sale or a deed in lieu of foreclosure may result in the bank suing for a deficiency judgment for the amount left on the mortgage after the sale. Lenders may pursue you for this amount for the next 10 to 20 years. We can help prevent these actions.
- Homeowners who utilize a short sale or who lose their home to foreclosure may face tax issues regarding debt cancellation. We will examine your finances to determine whether this will affect you.
At EV Has, LLC, we work to help clients minimize the consequences of strategic mortgage default. Click Here to email us at inquiry@foreclosuredefenselawoffice.com or call us at (312) 775-0980 today for a free evaluation.