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If we walk away from our home now and let it forclose, can anybody come after us for payment of any kind on the house?

Saint Louis, MO |

We will look for rent to own or own from a private owner but will find that before we walk away and be in the new home before they forclose. The forclosed home will be empty as we will already be in the new home. Can anyone come after us?

Attorney Answers 4


  1. Best answer

    The answer depends on the laws of MO. You really need to meet with a competent real estate attorney, experienced in foreclosure law, before making this decision. You also want to talk to your CPA about any potential tax issues.

    This is far too important a decision to make without good counsel.

    This firm is in the business of helping people and companies file for bankruptcy protection. Therefore, the bankruptcy code requires that we call our firm a "debt relief agency." This information is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the related issues. Nor is this advice intended to create a client - attorney relationship. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.


  2. I am confused by your question. If you own the home and have a mortgage, why would you think you can just walk away from that liability? If the lender forecloses and sells it for at least what is owed, then you will not owe anything. However, that is rare. Whatever the balance due after a foreclosure is still your liability.

    This comment does not create an attorney-client relationship. The law and its application by the courts is constantly evolving and changing. This discussion is not to be taken as a definitive guide, and should not be relied upon to determine all fact situations. Each set of facts must be examined separately with the current case and statutory law analyzed and applied accordingly.


  3. If you don't make all payments and the property then sells for less than your remaining loan amount, it is likely the lender may sue for the deficiency amount.

    NOTE: The use of the Internet for communications with the firm or this attorney will not establish an attorney-client relationship and messages containing confidential or time-sensitive information should not be sent.


  4. There are a lot of factors involved, but here are the particulars:

    1. They CAN sue you for a deficiency judgment if the amount they bid at the foreclosure is less than the amount owed.

    2. That doesn't mean they WILL. I do nothing but foreclosure defense, and I've only seen them sue in Missouri a few times.

    You should discuss this situation with a foreclosure defense attorney. There are things that may be able to be done in planning what you're doing, and reviewing all documents to see what's right for you.

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