Legal Question in Real Estate Law in Indiana

I have a house that I am letting go back to the bank in Indiana. I have not lived there in at least 5 years and it has been vacant for quit a while. The bank is aware of this. I have decided it's a lost cause at this point I don't have the money to pay for it and fix it to raise the value. At this point it's hardly worth half what I owe. So, I just stopped paying for it. it was a FHA loan and must be owner occupied. I have read you can waive the waiting period for sale and in turn the bank cannot sue you for the deficit. I have also read since it is "abandoned" that there is no waiting period. How do I waive this waiting period? And will I still be liable for the difference? Keep in mind I do not own anything else other than a car that is 13 years old. Thank you


Asked on 2/19/14, 8:35 am

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

You may still have liability for the deficit, depending on the full nature of the loan. You would be best served by seeking legal help from a good debtor's rights attorney to make sure that all of your options are presented to you.

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Answered on 2/19/14, 4:29 pm


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