Since I have had 10 views and no answers, I thought I would try one more time. I bought a condo in 2007 and have made all payments to this date. I am not behind or in arrears but having been laid off has made it somewhat difficult to continue paying. I tried the "Debt in Lu about a year ago and was told at that time I made too much money to be considered. Since 7/2 of this year past I have not worked and making two mortages is straining my resources to the point of breaking. I can not sell, I can not rent and owe much more than what the property is worth. If I can not get the property into the "Debt in Lu" program, which I am preparing to do then I won't have much choice other than to stop paying on the property. My question is quite simple, if I stop paying can the lender attach my primary residence or my 401K or the wife's IRA

If the lender gets a Judgment against you that lender can lien against (and collect against) anything which is legal in your State, including your primary residence.

Is your wife a party to any of the loans?

I am concerned because it's debt in LIEU - you apparently entered into something you do not understand. Did you have an Attorney?

Here is more info - http://www.mortgagefit.com/deed-lieu.html

What state are you in? In some states they can only enforce the judgment for a short period then it's tough luck.

The time for a Judgment is "usually" 7 to 10 years, renewable once.

Where did you get your information?

This has all taken place in Florida and I have not discussed the situation with consul yet.

Forgot... both of us are on the legal paperwork for both houses

Also am thinking about just stop paying on the note, no one has commented on the possibility of attatching my 401/IRA or home I live in.

Quote:

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Originally Posted by Tower Dog

Also am thinking about just stop paying on the note, no one has commented on the possibility of attatching my 401/IRA or home I live in.

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You may wish to read what I posted a second time:

"If the lender gets a Judgment against you that lender can lien against (and collect against) anything which is legal in your State, including your primary residence."