Is the bank gonna go after me if i let the house go into for closure?

Elwanda
i am paying interest for 2 yrs now and i can't refinance because house are drop down, i don't want to keep paying $1900 a month, i am thinking of letting it going into forclosure, i want to know if the bank can come after my pay check in the future or can i file bankruptcy, somebody tell me what to do.

Abe
Please call your lender. Never let a property go into foreclosure without contacting the lender first. You never know what they will offer. I live in Indiana and in some cases they are letting people trade expensive homes for less expensive homes just to prevent foreclosure. Once the foreclosure proceeding start you will eventually be evicted from your property and have to file bankruptcy unless you suddenly can pay off the full amount due plus court costs, closing and transfer fee, attorney fees and much more.

Alonzo
Sell the property and walk away with nothing. Call the lender and explain your situation and tell them you are going to put the home up for sale. find out exactly how much you owe, and price the home accordingly.

Abby
You could try selling your home and not asking for anything in return, that works for some people. Bankruptcy will ruin UR credit rating forever. Yes, the bank will try to collect.

Juliette
I agree with the first user. Definitely call your lender, some lenders have been given a lot of latitude to modify the terms of your loan. They can freeze your introductory rate, and forgive late balances, among other things, but you'll never know until you call. If your home goes into foreclosure, and the bank has to sell it to another person then, no, they can't come after you for the money lost. They can, however report any losses as taxable income to you (though they usually don't). Plus a foreclosure looks bad on your credit history. If you don't have any desire to stay in your house, I'd still call the lender to see if you can do a deed-in-lieu, doing so you can just mail your keys back to the lender, and it keeps a foreclosure off your credit report.