Was unemployed for 6 months and fell behind. Now, notice of default has been received. Property is approx. 100K upside down. Mortgage is 280K with a 25K second. Home was refinanced in '05. I have cash assets received recently from an inheritance as well as 401k's IRA's etc. but do not want to save property. I want to walk away and start over. Can my cash assets be attached and will the lender come after me for the debt.
In addition, what is the statute of limitations on them filing suit?
If the home sells at auction for less than the mortgage, they have up to 4 years to sue you for a deficiency judgment.
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