what would happen if we abandoned our house. we have lost our wages and my spouse is disabled. it is hard to make our payment on two mortgages and pay the utilities. we are both in our 70's
1 Answer from Attorneys
I would negotiate with your mortgage holder to turn in the properties for a deed in lieu of foreclosure if foreclosure proceedings haven't occurred yet, or if they have, then a consent to judgment with waiver of any deficiency balance on the mortgage.