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Can I walk away from my SC. beach rental condo, without creditors coming after my other assets?

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July 18 2009 - Myrtle Beach
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Answers (4)

Ok First Check with your attorney. After that check the loan documents, some states and some loan documents have provisions that state "if you default you may be held liable for the remainder of the loan after what the property sells for at the foreclosure auction" Many times they (the bank) can come after your $$ but don't based on the assumption that if you defaulted on the loan that you don't have additional funds for them to capture.
Think about how many people with sufficient assets would just walk away from the homes that lost value and just rebuy similar properties at todays price if that was a viable option (the banks do try to protect themselves from just that situation)

So if you legitimately can't afford it, contact the bank and the your local agent to put together a short sale, if you owe more than it is worth (the bank will require you prove hardship), other than that if you have the $$ to continue to keep the property you may want to do so

but before you make any move contact your attorney

lol, just realized this was a July question
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November 24 2009
That is a great question for you to ask your favorite attorney - You can also look at doing a short sale. There are some banks allowing some pretty amazing stuff.

But every persons situation is unique and I'm not an attorney and this isn't legal advice.
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November 24 2009
Probably can.  It costs to much to go after you.
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July 19 2009
Board certified real estate attorney consultation. Probably not.
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July 19 2009
 
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