Legal Question in Credit and Debt Law in Florida
I am a disabled veteran. For over thirty years I was a civil engineer and paid huge taxes. Now I live on a small fixed disability income. I have tried to get my loan servicer to work with me toward a short sale. Unfortunately, they are a godless and vicious lot. My father passed away this year and I have the opportunity to take his modest home in Florida as part of my inheritance. This will allow me to live with at least some dignity. My question is this. If I walk away from my Tennessee mortgage and move into my fathers house, can the bank take the house away from me? Can they take my car? Thanks.
2 Answers from Attorneys
If you establish your FL home as your Homestead, no. If they foreclose on your Tenn. home and obtain a deficiency money judgment against you, they may be able to levy on your non exempt assets, including your car. Good luck.
I disagree with Mr. Slater as to the vehicle. You are allowed one car as an exemption in Florida. So you probably will do good. Be sure to establish Florida as you home AND file the appropriate homestead exemption status. Sorry for you bad luck - loans are hard to come by and things are just getting worse. You could raffle off your home in Tenn. Look up the laws there for raffling your home - you could profit and save your credit at the same time.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
