I purchased a condo in Florida at the peak of the real estate market and three years later was forced to walk away from the property and loan because of a lost job and the value had dropped to below 1/3 of my purchase price. It has been five years now and I have made no attempt to contact the lender. I occasionally will receive collection notices from the current servicer of the loan but otherwise have heard nothing. I would like to see this resolved and am wondering what I should do and what kind of consequences I may face.
1 Answer from Attorneys
They can eventually sue you for non payment. Did they take over the property with your assent? Did they foreclose? This will matter in terms of what happens next and the consequences.