Legal Question in Real Estate Law in New Jersey

I am looking to leave my home without worrying about having to pay back my bank anything. In other words, if I let them sell it for whatever they can get for it, when there is a difference in price vs. principal i still owe, I am not liable for it. I am current on my loan due to a recent loan modification, but I know I will be in this same situation in a few months. Instead of doing that, I would much rather find a new place to live, and let the bank do what they want with the property as long as I am not saught after later (it is my understanding they can garnish my pay or look for repayment many years later). What is a good step from here?


Asked on 8/08/10, 10:12 am

2 Answers from Attorneys
Robert Davies The Davies Law Firm, P.A.

It is a new and far uglier world. Where once I could tell you that your risk on this is low, I can not longer say that. You really need to get to a lawyer and bring all your documents and get some solid legal advice. You are not really near me, but let me know if you want me to help. 201 820 3460.

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Answered on 8/13/10, 10:22 am
Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

I agree with Mr. Davies. I can refer you to an attorney in Freehold that could help you. Call me at 732/773/2768 and I'll give you the contact info.

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Answered on 8/13/10, 10:44 am


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