What is the worst that could happen to me if I walk away from mortgage on a condo I bought 10 years ago for investment.
4 attorney answers
You sound like you're all done in. You really should seek a bankruptcy consult. While there are modification options in the U.S. Bankruptcy Court in the Southern District of Florida, I'm not sure what they are in Jax! You need a consult with a BK attorney who regularly practices ch. 7 and ch. 13 bankruptcies up there. Good luck.
Any answers I provide to questions are for general informational purposes only and do not establish an attorney-client relationship.
Garnish your wages. Freeze your bank accounts. Intercede in an IRS refund. Levy paid cars. The options for collection are limitless and can last 20 years. Walking away is not the answer when the banks are so easy to work with. You can negotiate a waiver of deficiency so that when it sells you are not responsible. Or a deed in lieu. Speak to an attorney. The first consult should always be free and can list all your options
You should look into a potential bankruptcy. Most attorneys offer a free consult and will work with you with re to cost. Within a bankruptcy you can attempt to modify your mortgage, strip secondary mortgages (if any exist), or surrender your property to the creditor (protect yourself from a deficiency - and then seek the short sale option).
Along with the condo, you may have other debts that could be discharge or modified through the bankruptcy. Once the bankruptcy case is discharged and closed, you can work on rebuilding your credit score.
Consider all your options. If you havn't thought about a bankruptcy consult, consider an appointment with an attorney or two. It may only cost you an hr or two of your time.
The asking of and answering general questions does not establish an attorney-client relationship. Please consult with an actual attorney in your local area before deciding on a course of action.
Foreclosure, destroyed credit, and a deficiency judgment to include attorney fees. You may want to speak to a foreclosure attorney or modification specialist in your area before you elect this option.