Quote Quoting Mela
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Hello could you assist me with a question I have that is similar? BK in '04 tried to re-affirm mortgage--they never responded. SBA has lien on house (we don't live there anymore) and we've been trying to sell for the note only--no luck--keeping current--but after 15k in improvements we want to walk away by the end of the Summer--oh, paying 10% as well-can't re-fi. We purchased another home, in another county--in Nebraska--what are the downsides to foreclosure at this point?

Well, hmm, let me say this; YOU ARE LUCKY THAT YOU ARE IN NEBRASKA, I never thought I would say that to anyone heheheh

In NE, they can NOT file a deficiency judgment against you, so they can not come after you for a shortage on a foreclosure, it is one of the few states where this is the case.

Here is a link, click on it and you will see the Nebraska laws on foreclosure;

http://stopforeclosure.com/Nebraska_Foreclosure_Law.htm