what will happen if you walk away from a forclouser cond.?

Asked by Elizabeth, Evans, CO Wed Jul 21, 2010

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Bev West, Agent, Greeley, CO
Thu Aug 22, 2013
I am not an attorney but keep in mind that if you walk away from a foreclosure situation, the bank can come back and require you to pay the difference in that is owed and what they will eventually sell it for. If you try to sell it before going to foreclosure you can stop that bleeding by having a little control on the selling price. If you would like to discuss further options such as doing a short sale, please call me at 970-631-7111 and I can review some of your alternatives.
0 votes
Suz A, Agent, Longmont, CO
Mon Aug 1, 2011
Hello Elizabeth,
Up front, I'll say that consulting an attorney is good advice.

There are pros and cons to consider. The most glaring negative is what a walk-away foreclosure does to your credit. The rental market is getting tighter.

It will be some years before you will be eligible to buy another home.

Good luck.

Best,
SuZ
PML of Longmont, CO
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Wed Jul 21, 2010
Hi Elizabeth:

Depending on the contract, your contingency period, your initial good faith deposit ; it comes down to what you signed.

If you gave yourself no contingency then likely an issue.

But if you wrote an offer with a Realtor, why dont you check with her / him?

regards
Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Brian Burke, Agent, Highlands Ranch, CO
Wed Jul 21, 2010
This is a Question for a Real Estate lawyer.
Brian
http://www.kennarealestate.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jul 21, 2010
Not knowing all the details--you may wish to protect yourself and consult with an attorney who specializes in real estate, he/she is your best source of advice as it relates to your specific situation--most professionals do offer a free consultation.
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