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Foreclosure Process
He had to move to another state (FL) to stay employeed. We were not offered relocation by my company and I was not able to sell our present house in Georgia.
Can anyone tell me what will happen if we stop making payments? Will the banks just automatically take it over or do I have to sign paperwork. Can they come after me to pay fees etc. or can I walk away from this house with only the Red flag on my credit rating? Can the banks sue me? Thanks |
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They will go through a foreclosure process that you will need to acknolwedge. The house will be auctioned off. The amount paid will be applied against what you owe, including fees. The bank will then decide what to do about the difference. They basically have three choices; 1) eat it, in which case you are off the hook; 2) forgive it, in which case, you will get a 1099 for the amount they ate which you will have to pay taxes on as income or 3) go after you for the balance owed. If you are gainfully employed, they will probably choose 3. |
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