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 Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118087
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Type Your Real Estate Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

I am under water on my home and cant sell it (been trying

Customer Question

I am under water on my home and cant sell it (been trying since 2011).
I want to abandon it, what do you think?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
The issue if you just abandon it is the bank will foreclose and you would be liable for the difference in what they auction it for and your loan amount (deficiency judgment). However, if you file bankruptcy you can get rid of the house and any other unsecured debts you may have to get a fresh start on your life again free of those debts.
Your other option is negotiation with the bank to take a "deed in lieu of foreclosure" which is where they take the property from you in full satisfaction of the debt and no deficiency. This is up to the discretion of the bank to agree upon, but it is one other alternative.