Another option may be to offer the lender the Deed In Lieu of Foreclosure. The details could be complicated and the consequences not to your liking. Typically, lenders are not going after peoples cars or other persoanl property. It is best to level with the lender and ask for any and all options that they are willing to consider.
Mott Marvin Kornicki, Broker | Associate
Real Estate In Miami Beach, Florida
This is a question that needs to be answered by an Attorney. I am not an Attorney but there might be a clause in your mortgage that if the property is foreclosed you can be sued by the Lender for a deficiency judgment. Meaning, the difference between what you owed and the price that the property was actually sold for.
My suggestion is to please consult an attorney.