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If I abandon the property and turn the keys back can the bank come after me?

New Smyrna Beach, FL |
Filed under: Property foreclosure

My father rented his house out before he died. I inherited everything and continued paying the mortgage without ever telling them he died. Now the renter moved out and I can't afford to pay the mortgage. There is not equity in the house, If I stop paying and turn the keys back, can the lender come after me?

Attorney Answers 3


  1. If you did not borrow the loan proceeds, the bank has no recourse against you.

    Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.


  2. If you did not sign the note as a borrower, you are not obligated under that note. So, if you walk away from the property, you cannot be held responsible for the note.

    I hope this helps.
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

    Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.


  3. I agree with my coleague. You would not owe any money to the lender without signing the note. However, if you want to avoid being named in the foreclosure lawsuit then you will need to contact the lender and have them agree to accept the property by way of deed in lieu. In many instances an attorney can assist in making certain that all the appropriate paperwork gets to the lender.

    This answer is provided without full consultation and is suggestive in nature and not to be considered legal advice without entering into a formal legal engagement with an attorney. Before you decide, ask any lawyer to send you free written information about their qualifications and experience. This answer is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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