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JP
JP, Attorney
Category: Bankruptcy Law
Satisfied Customers: 109
Experience:  Represented creditors and individuals in bankruptcy and consumer matters.
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I am considering foreclosure, Can I just walk away from my

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I am considering foreclosure, Can I just walk away from my real estate investment properties (2) ? Then I will be able pay all of my credit cards that I owe. I live in California

Yes, you can just walk away from your real estate investment properties, but if there is a deficiency balance after the foreclosure sale you may be responsible for the deficiency balance. Before just walking away from the property you may want to consider a Deed in Lieu of foreclosure. This is an alternative that will allow you ,the homeowner, to simply give the property back to the lender and be able to leave the property behind without having a foreclosure on your credit or being responsible for any deficiency balances. You will have to request this alternative. Most mortgage companies are not going to voluntarily let you know this option exists. The only downside with this alternative is that the mortgage company must be in agreement in order to execute the deed in lieu of foreclosure.

 

I hope you found this information to be helpful.

 

Best Regards.

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