Legal Question in Business Law in California
letting house go back to mortgage co.
If we can no longer make our house payments what can they do to us?
Asked on 1/16/08, 11:07 pm
1 Answer from Attorneys
Terry A. Nelson
Nelson & Lawless
Re: letting house go back to mortgage co.
Repossess it. Plus, if this isn't a purchase money mortgage, they can sue you for deficiency. You should sell it if you can. If you can't, then offer a 'deed in lieu' to the lender to avoid foreclosure - it's less damaging on your credit.
Answered on 1/17/08, 1:23 pm
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