Legal Question in Credit and Debt Law in Florida

Re: Financial burden

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Yes. It is called a voluntary repossession. It is very likely that they will not recover the full amount, however, and may try to come after you for the shortfall or difference.

You may wish to retain an attorney in advance who might be able to negotiate a deal wherein the lender agrees not to seek any shortgages from you. An attorney would have a better chance of success in making this kind of deal than you would alone.

Scott R. Jay, Esq.