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?
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.
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Commercial Real Estate Attorney
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.
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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.
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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.