Legal Question in Real Estate Law in Florida

Forclosure

I own a home in south florida that I purchased in 2004. Since then I have taken a second mortage and over the course of the past two years my taxes and insurance have increased substantially. I am have difficulty financially and am considering forclosure. This is the second home I have owned and have never been late on a mortage payment. What is the procedure for forclosing and what are the consequences?


Asked on 6/08/07, 10:58 pm

2 Answers from Attorneys
Robert Roemer Robert Roemer

Re: Forclosure

I would suggest you send me an e-mail with your phone # to discuss in detail.This might be able to be worked out.

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Answered on 6/10/07, 11:24 pm
Keith L McCormick

Re: Forclosure

The consequences are that if you allow this home to be foreclosed by the bank holding the original mortgage, you will have a very, very difficult time getting another mortgage for a home. Work out your financial situation with the banks, make more money, don't spend as much. Don't let it get more out of control.

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Answered on 6/09/07, 8:03 am


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