How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30913
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I purchased a new home in late 2010 that was a bank repo.

Resolved Question:

I purchased a new home in late 2010 that was a bank repo. My old home immediately was put on the market. I lost my job in March 2011 and have been struggling to make double mortgage payments, as well as heat and water bills for the old place. I've had two offers for the old home fall through because the buyers cannot get financing. I cannot continue to float two mortgages and am drowning quickly in the debt. I live in Indiana. Can I let the house on the market go into foreclosure, and what recourse does the bank have for me?
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Roger replied 4 years ago.
Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.
Customer: replied 4 years ago.
My lender is Bank of America.
Expert:  Roger replied 4 years ago.
Under Indiana law, the lender has a right to seek a deficiency judgment against you for the remaining balance of the loan after the foreclosure proceeds were applied to the loan balance.

If your property is sold, and there is a deficiency, a judgment can be granted and the creditor can attach that judgment against all of your property - including your new house.

Indiana only allows for a $10,000 homestead exemption, so if you have much equity in your house, there could be exposure.
Roger and 5 other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions