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I am 67 yr old ad my income is social security and I am

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buying a home with a...
I am 67 yr old ad my income is social security and I am buying a home with a partner thayt has been making the payments for the last 14 yrs and now we are going to go our separate ways and I cant afford to pay mortgage and the house is in my name only .Can I walk away
Submitted: 1 year ago.Category: Real Estate Law
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9/26/2016
Real Estate Lawyer: Lucy, Esq., Lawyer replied 1 year ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 30,593
Experience: JA Mentor
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear about your situation.

Yes, you can. Arkansas law allows a lender to sue the homeowner for any balance owed after the foreclosure sale. However, they can't take Social Security to pay a judgment. That money is protected. If your only income is Social Security, and you do not have other assets, there would be no way for the lender to make you pay.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

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Real Estate Lawyer: Lucy, Esq., Lawyer replied 1 year ago

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