Legal Question in Bankruptcy in Florida

I purchased a condo in FL 3 years ago for $110.000. It is now worth less then 50% of what I paid for it. I own a home in Maine that I owe $175.000 and have an equity line of credit that I also owe $75,000 =$250.000. I also have several CC bills amounting to approximately $35.000 in debt. I am 63 years old, I am on STD going for LTD (not work related) until I'm am 66 years old. If I walk away or have a short sale on my FL. Condo can the bank take my house in Maqine away?


Asked on 1/25/10, 8:47 am

1 Answer from Attorneys
Steven Meyer CPLS, P.A.

It sounds as if you are a good candidate for bankruptcy. It is not clear whether you are a Florida or Maine resident. If you are a Florida resident, then if you go into bankruptcy you could choose to keep one or both homes, or give back one or both homes to the bank. If you turn over the home to the bank, then you would not owe anything more on the mortgage or home equity loan.

If, for example, you turned over the Florida home, but wanted to keep the Maine home, then the bank that holds the mortgage on the Florida home would not be able to tourch your home in Maine.

We offer a free initial consultation and would be happy to discuss the situation with you.

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Answered on 1/30/10, 3:54 pm


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