If I give back real estate and ask for a release from my contract can I be sued for anything?
wheezer asked:
I defaulted on my real estate contract. I have offered to pay a large sum of money and to give back the property in exchange for a full release from the contract. Is there any recourse, can I still be sued for the balance owed on the contract?
The contract is not through a lender but through another person. Only a purchase contract was signed.
I did not borrow money as I said, I have offered a large sum and the return of the real estate.
March 25th, 2009 at 1:16 am
business cash advance
If they have accepted your offer in writing (key word), the you should be okay.
March 27th, 2009 at 5:00 am
Oakland office space
When the lender takes back your house. The house is sold
You are responsible for the balance due.
Mortgage balance is 200k House sells for 150k You are liable for 50k
March 28th, 2009 at 11:12 am
Oakland office space
You borrowed money and secured the debt with real estate. If the value of the property does not cover the debt when sold at auction, you are responsible for the balance. Yes you can and likely will be sued. A judgment can be issued against you and payments be secured by the court. As the economy worsens, Lenders are likely to take this aggressive approach to recover their money.