I was just served with a Lis Pendens for forclosure, what would happen if I dont do anything about it?

Question

I've just been served and I have 20 days to answer to the 'Lis Pendens'; I dont wanna keep the house and my credit is already in horrible shape. My question is this: The lender's attorney says that i owe the lender 20million dollars, which is not true since the mortgage was only $80k. What would happen if I ignore all this process, what could be the worst that can happen to my and how can I avoid it?

Answer 1

they  foreclose then resell the home and any balance you pay or go Bk on

Answer 2

Wow, that's inflation!  If you are correct and they are claiming 20 million dollars and you don't answer or appear in court, they get a judgement against you for 20 million which follows you for a decade.

You need to take a look at your life and ask if you are going to keep making bad decisions and living like this, or if you are going to take hold of your life and manage your finances responsibly.

You can sell your home, pay off the mortgage, and be in good shape.  You can arrange a short-sale of your home, meaning it sells for less than what you owe, and bank has to agree.  You can give the bank a deed in lieu of foreclosure.