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I have an interest only mortgage on my condo. I can not get it sold after almost 2 years.

Asked over 2 years ago - Atlanta, GA
After Foreclosure Foreclosure Mortgage Foreclosure Mortgages Real Estate

Several foreclosures in the neighborhood make it impossible to sale. I want to move out of the city. I am 66 years old, and don't have anything invested in this property. What would happen if I let the house go into foreclosure? I mean, can they sue me for the balance that is left from the foreclosure? Can they garnish my wages?

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Attorney answers (1)

Reputation Level 16
Answered over 2 years ago. Chapter 7 Bankruptcy Attorney in Atlanta, GA.
When they foreclose, if they take a loss, the following may happen: (1) you may owe taxes on the loss, (2) they can sue for the difference and later do a garnishment if they follow the right steps and (3) it will be on your credit history for 7 years.

It would be wise to meet with a bankruptcy lawyer to see if that is an option, and to inquire about all the pros and cons of your various options.
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