I have a house that I am letting go back to the bank in Indiana. I have not lived there in at least 5 years and it has been vacant for quit ...

Question

I have a house that I am letting go back to the bank in Indiana. I have not lived there in at least 5 years and it has been vacant for quit a while. The bank is aware of this. I have decided it's a lost cause at this point I don't have the money to pay for it and fix it to raise the value. At this point it's hardly worth half what I owe. So, I just stopped paying for it. it was a FHA loan and must be owner occupied. I have read you can waive the waiting period for sale and in turn the bank cannot sue you for the deficit. I have also read since it is "abandoned" that there is no waiting period. How do I waive this waiting period? And will I still be liable for the difference? Keep in mind I do not own anything else other than a car that is 13 years old. Thank you

Answer

You may still have liability for the deficit, depending on the full nature of the loan. You would be best served by seeking legal help from a good debtor's rights attorney to make sure that all of your options are presented to you.