The lot has lost half its value and I no longer justify losing my future to a hopeless situation. I want to know the consequences of my actiions if I default.
If you mean the note is not secured by the house then you are walking away from nothing. You will remain indebted on the note. It is very unusual for a note related to real estate to be unsecured. Are you sure you have your facts right?
As suggested above, the facts you relate seem to be in error. But indebtedness in a purchase is generally represented by a note, secured when land is involved by a mortgage (the name may very from state to state and well as some technical nuances). In many circumstances, the lender even when it has a mortgage on the property does not have to foreclose first, the lender may choose to leave the property as is and to sue for the full amount of the note.
You should definitely take the documents to an attorney for a consultation on your options, liabilities and consequences.
This answer and any information contained in this answer is not intended to be treated as legal advice. This posting does not create an attorney-client relationship or privilege of any kind. This attorney actively licensed only in the State of Georgia.
