Back to Results
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
The short answer to your question is Yes the bank can try to collect on the outstanding balance.There are several things you should do before you decide to walk away.The first is to make contact with your lender and explain the situation. Due to recent legislation, your lender is much more likely to try and work with you as they now have incentives to avoid foreclosing. Have them start a loan modification process.
At the same time you should be thinking about listing the house as a short sale. It is much better to sell it as a short sale than to let it go into foreclosure. A good lawyer can tell you what the difference is.
Hope this helps.
Just Right Real Estate, Inc.
[content removed by moderator]
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $165,000
For Sale: $219,000
For Sale: $154,000