Legal Question in Real Estate Law in Tennessee

I own a condo in Gatlinburg, TN and have it on a rental program. I'm underwater about $30,000 and thinking of walking away. I have the money to pay it off in a Scottrade account, but this money is going to help towards retirement & I don't see it as a wise decision to pay off such an asset. What can the lender do to pursue me, considering I have the means to pay it off, but choose instead to walk away & let it forclose?


Asked on 2/22/11, 11:28 am

1 Answer from Attorneys
Dan Scott Scott Law Group, PC

You can choose not to pay. If the $$ is in an ERISA qualified retirement account it is not subject to claims of creditors. If however, it is just in an account that you've "got in mind" for your retirement, then you may be looking at a lawsuit to pay the balance due on the loan after the foreclosure.

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Answered on 4/26/11, 3:17 pm


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