Legal Question in Real Estate Law in Florida
The bank is willing to do a Deed in Lieu of Foreclosure on my condo. I have not paid the last 3 months of my maintenance fees (no judgment yet), and the prop. tax is also due by the end of March.
Total of these costs will be close to $10,000.
Will the bank make me responsible for this before they do a Lieu?
If so, would I be better off if I told them to do a short sale instead as I believe they absorb these costs? If a short sale, will they then put a judgment on another property that I own to recoup the debt?
2 Answers from Attorneys
Will the bank make me responsible for this before they do a Lieu?
Generally, no. However, you must have this in your agreement with the lender.
Short sale is an option. But it could add many months to the process. Do you want to invest the time unnecessarily ?
No judgment on second property without litigation; and no lein on other property unless subject to judgment or the second property was collateral for the first property.
Whatever the case, you will not get what you deserve unless you negotiate all of the terms ahead of time.
Whether you are held responsible for this before doing the deed in lieu will depend on what your agreement is with the lender. I think a deed in lieu is better than a short sale that holds you to any deficiency. If you decide to do it yourself, be sure to read everything and make sure you ask the lender all if these questions. In my experience, you won't get it unless you ask for it. These are matters that you can have an attorney handle for you if you don't feel comfortable doing it yourself or are tired of dealing with the lender. Regards,
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