Asked by Lydia Ma, Lake Worth, FL • Fri May 31, 2013
This is the case for my current clients. They walk away from their previous house due to unable to afford the mortgage payment in Arizona. They also lose their restaurant business and relocate to Florida 5 years ago. Now the couple are looking for a new home under 100k and they have CASH to pay for it (some are borrowed from their parents). They would like to know if the lender will come after them with a deficiency judgment after their new purchase?
The reason that they just walk away instead of short sale or foreclosure is that, they both do not speak English, they do not have money to hire anyone for any type of help at that time and they have to start a new job immediately in order to support their two children.
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