If I am upside down on my mortgage and have a job and have some savings, if I quit making the payments should I do a deed in lieu?

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If I am upside down on my mortgage and have a job and have some savings, if I quit making the payments should I do a deed in lieu?

Can the bank come after my assets or garnish my wages for the deficiency? I also recently got married. My wife is not on any of my debts so can they come after her?

Asked on July 1, 2012 under Real Estate Law, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

An attorney can never guide you to break your contracts and you have a contract with the lender here.  Have you tried to use any of the modification tools in place now since the housing market crashed?  Your state does allow a lender to come after you for the deficency and if you do think that you can no longer pay the mortgage then a deed in lieu of foreclosure is an option.  Just make sure that the deficency is waived.  They can not come after your wife's assets but they can attach jointly held assets.  Good luck.


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