We are thinking of letting the bank forclose on our condo, as we have already bought our dream home.?My question is can the bank come after our new home and assets here in Missouri. We did not use any equity or assets to secure loan on the new house. We understand that it will hurt our credit, but I am a disabled Iraq Veteran whom is in VA disability and SSDI, and we simply cannot afford both anymore.We just want... | |
They can and will sue you in court and win if you do this and will be awarded a judgment. At that point they can attach your bank accounts and file liens on any other real property you may own like cars, boats, land and homes.
They can't take it but if a lien is filed you can't sell the home without paying the lien off in full.
Good luck.
Rent it out. Sell it even at a loss. If you can't afford both you shouldn't have bought both. Yes they can sue you and they will win. The court can order the sale of all assets to pay the debt.
If I were you, I'd get a lawyer to represent you and make sure you won't lose your new house before you do anything so drastic.
Can't you sell the condo...even if it's at a loss and make arrangements to pay the difference?
Good luck with whatever you decide.
