Legal Question in Credit and Debt Law in Florida

Consequences of non-payment of mortgage

I own a rental property in Florida which I payed too much for. It has been nothing but a headache. If I stop paying the mortgare, what will happen to my credit and can they come after me for any additional money when they reposess the property.

Thanks


Asked on 12/29/00, 9:36 am

2 Answers from Attorneys
Wendell Finner Wendell Finner, P.A.

Re: Consequences of non-payment of mortgage

Under the terms of most mortgages, the owner can be sued for money still owed after the mortgage is foreclosed. A court judgment, including a court judgment of foreclosure, will remain on one's credit history for at least ten years.

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Answered on 12/30/00, 9:53 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Consequences of non-payment of mortgage

I must presume you signed a promissory note when you signed the mtg. Therefore you can be sued for the deficiency remaining after the property is foreclosed upon and in all likelihood there will be a money judgment entered. If you did not sign such a note ( which may included in the mtg ) then the creditor can only look to the property.

The judgment is valid for 20 years.

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Answered on 1/03/01, 3:27 pm


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