Is It Ever Advisable For Someone To Walk Away From Their Mortgage?
Is it ever advisable for someone to walk away from their mortgage attorney? Michael Ziegler explains that when I hear the term walk away, to me that means that the consumer is leaving the house, locking up the doors and not reaching any sort of consensus with the mortgage company to protect the consumer from any sort of deficiency or other fallout.
In my mind, that is probably the worst of the available options. There are so many remedies that can be available for consumers. I think the worst idea is just to cross your fingers and hope everything works out. The other thing to be mindful of in that walk away scenario is just because the consumer has left the house, doesn’t mean other home-related obligations have ended.
So for many consumers, they may vacate the home, but there might be some sort of homeowners or condo association obligation that continues to accumulate.
Similarly, there may be code enforcement obligations or real estate tax obligations that could accumulate while someone has vacated the property, but it’s still titled in their name. There are a lot of people that will call up years after they vacated the house and they might have a really sizable obligation to an association.
It’s coming to them as a total shock because they are getting this enormous bill in the mail and trying to figure out how to deal with it when they thought they had washed their hands of the property.
Contact attorney Michael Ziegler in Florida for a free case evaluation today. He founded his law firm on the principles of professional quality and personal care.
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