SC walking away??

[mitchinsc]

Need advice....thinking of walking away. Owe two times what the place is worth & already have another place of residence that is paid for. Adult child living at the home that I want to walk away from but can no longer afford the mortgage payment. The home/land is not worth any where close to the pay off of the mortgage & will never pay off the mortgage i'm sure (interest rate 18%, ballon mortgage, etc.). I'm concerned with reprocusions of walking away. And and all advice would be much appreciated!

[mitchinsc]

FYI this mortgage is with Greentree

[Cat Damiano]

Hi mitchinsc,


Welcome to the forum and thank you for joining.......

In South Carolina, as I am sure you are aware, deficiency judgments are allowed and judicial foreclosure is the only foreclosure remedy available in that state.

South Carolina Foreclosure Law

If you are concerned with the repercussions of walking away, a consult with a real estate foreclosure attorney in your area can help let you know exactly what you are facing along with a timeline and how likely a deficiency judgment will even be.

Here are some other members walking away in South Carolina as well so you can see where in the process they are to help.

Walk away or not? Rental Property in South Carolina

Walking away in South Carolina (Chase mortgage)

[mitchinsc]

Thanks for your reply! I do plan to see a forclosure attorney right away & go from there. I appreciate the other post information....that was very helpful. I will keep you posted on progress soon. Best regards!

[Cat Damiano]

No problem, posting your progress and timeline will definitely help others going through the same.
Good Luck!

[cymplicity27]

mitchinsc, did you ever speak with an attorney? Just curious as to what they had to say. My husband and I are researching attorneys in the Summerville area to call within the next couple of days. Cat referenced my post above...obviously I still haven't made any moves. Too scared!

[mitchinsc]

mitchinsc, did you ever speak with an attorney? Just curious as to what they had to say. My husband and I are researching attorneys in the Summerville area to call within the next couple of days. Cat referenced my post above...obviously I still haven't made any moves. Too scared!

I understand your "too scared" feeling as well! I plan to contact an attorney this week actually & see what the likelihood of a deficency judgement will be now with current foreclosures in SC. It is a very scary thing & one that I can say has rendered many sleepless nights. I will follow-up with you once we have spoken with attorney and gotten his advice. Too bad there is no such thing as "free legal advice"! Hope things get better for you and your situation! Keep me posted as well should you see an attorney before I do. Best regards!

[cymplicity27]

I actually spoke with one attorney who was supposedly a specialist in this area but didn't get alot out of him. I guess that's what the free consultation gets you. All he said was list it for short sale. I currently have a property manager renting my place out. She's also a sales agent. Now I figure it wouldn't hurt to have her go ahead and list it. I spoke with SunTrust (my lender) yesterday and they said the house had to be listed for 90 days in order for them to consider a short sale. My issues now is do I continue to make the payments?! We truly are in a position where I don't think we'll be able to afford the payments much longer anyway. However, if I could crank out payments until we get an offer and the bank accepts it, that would be less damaging to my credit. I also realize that's probaby a fairytale . I'm thinking they'd be more prone to work with me if I default. So long story short...I'm listing the place asap and will make a decision as to whether we'll make august payment in the next week or 2.

[cymplicity27]

Hi mitchinsc, just seeing if you are still around, if you spoke with an attorney and if you decided to walk. I missed my first payment in Sept. I never spoke with an attorney. Our plan is to roll with it and if we get sued file bankruptcy.

[mitchinsc]

Still around......still making a payment each month for some crazy reason! Will be contacting lawyer next week & see what he has to say. I'll be contacting you soon with outcome of that meeting. Take Care!