Legal Question in Real Estate Law in Arizona

we have some property and little savings all payed for.except for the house we are living in it was apprased in december @ 5500000.00 we ove 37500.00 our monthly payments are 2750.00 a month.

i was layed of at work so we are living on social securety and this is not enough to make the payments .

If we walk can the finance company come after our savings & assets?

We have bin tring to sell it for 2.5 yearsand no luck.

Thanks

Horst schaefer


Asked on 9/04/09, 7:06 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

If you do not pay your mortgage loan, the lender may foreclose on the loan but cannot come after you for any loss on the loan that they may suffer when they sell the house to someone else.

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Answered on 9/09/09, 11:20 pm


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