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I have a rental property I bought about 4yrs ago for 379.000..I…

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I have a rental property...
I have a rental property I bought about 4yrs ago for 379.000..I owe about 306,000...my credit has always been above 800 now thats gone..I havent made a payment for 6 months ,,the property is worth about 180,000 now,,what will be my liabilities in walking away..I own my home Im living in,,my wife an I are retired,,an have a little saving living off retirement,,,,thanx Don
Submitted: 7 years ago.Category: Real Estate Law
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Answered in 1 hour by:
12/1/2010
Real Estate Lawyer: FLACORPLAWYER, Lawyer replied 7 years ago
FLACORPLAWYER
Category: Real Estate Law
Satisfied Customers: 4,634
Experience: 23 years as attorney NY and FL Bars.
Verified
Your decision has already been made for you. You can't afford the place and the property isn't worth a fraction of what you owe, so you need to walk away. Since it is not your primary residence they can technically take a deficiency judgment against you, but your retirement funds are exempt from garnishment anyway. In a pinch you can do a Bankruptcy and get rid of the deficiency, but that is down the road.
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