I am a woman of 74 years and on SS/Pension totalling $2400 mon. Cannot afford $1300 mon. payment on primary home. Housing market dead. No sale. Original purchase was $247K. I owe $174K. I would like to walk off and move back into second paid for home. Can i do this without second home being jeopardized?
My best advice is to consult in person with a local consumer, foreclosure defense or bankruptcy attorney before you make your move. There may be significant debt consequences from your walking away from your current home and you need to make sure you know what to anticipate and how you can protect yourself before your move.
In Maryland, if you have a mortgage and signed a note, the mortgage company can sue you personally for whatever debt you owe on the house, and they can also foreclose on the house.
A chapter 7 bankruptcy would eliminate that personal liability and would allow you to surrender the home to the mortgage company.
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