Legal Question in Real Estate Law in Florida
forclosure process
I own my home but am considering forclosure on an investment lot property I purchased 2 years ago. I recently learned from the mortgage lender the specifics on this lot mortgage and I will be unable to make the payment in the future. The property is worth half of what I paid for it. If I default on this mortgage and go into forclosure what will happen to my home I own? How much money can/will the mortgage company come after me for. I am aware of the credit rating and am prepared to live ''cash only'' for the future.
1 Answer from Attorneys
Re: forclosure process
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Your home is protected from any claims of creditors if it is lawfully your homestead. Creditors cannot touch your home to satisfy an outstanding judgment.
Scott R. Jay, Esq.
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