Legal Question in Real Estate Law in Florida

Foreclosure / Bankruptcy

Built 2nd investment home in Fla in 2006 unable to sell due to mkt conditions. Will mortgage co. allow more time to sell as i am unable to pay mortgage anymore? Can i deed the property to mortgage co and walk away? Not looking to make a profit just want to get rid of property without it costing me anymore damage.


Asked on 5/30/07, 6:03 pm

2 Answers from Attorneys
Gordon Nicol Law Office of Gordon T. Nicol

Re: Foreclosure / Bankruptcy

Have your lawyer try and negotiate a deed in lieu of foreclosure with a waiver of any balance.

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Answered on 5/31/07, 11:13 am
Matthew Weidner Matthew D. Weidner, P.A.

Re: Foreclosure / Bankruptcy

The following is not legal advice and does not create an attorney/client relationship.

You should talk with your mortgage company if you are in a default situation, and you should consult with an attorney as well. You need to understand that any loss taken by the bank could be charged to you as income and they could come after you for any loss in a deficiency judgment. Do yourself a favor and contact an attorney immediately.

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Answered on 5/30/07, 7:32 pm


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