Currently in a wrap mortgage because house didnt appraise when we went to finance it (we are the buyer), we closed on the house, put 3.5% down, we have been paying monthly notes to seller, we went to finally finance the house again and wouldnt appraise again, if we sign title back and give 30 days notice of moving, can seller sue us for "amount due on note". We live in Atlanta, Georgia? Please help us!
1 Answer from Attorneys
If you walk away from a debt, of course the lender can sue you (if they follow the correct steps, and assuming you have the standard loan documents). This is in your loan documents, which should have been understood before you signed.