Legal Question in Real Estate Law in Florida

Foreclosure vs Bankruptcy

I am upside down around $170K on my rental property and can no longer afford it even though I have renters. I drained our savings. I spoke with my mortgage company but they dont care to negotiate with me. I still have not defaulted. I am solely on the note but my wife is on the deed with me. Will my primary home that is homesteaded be at any risk? (ex: Liens, a deficiency judgement) I have been to two different Attorneys who gave me opposite advice. Please help.


Asked on 1/25/09, 4:20 pm

1 Answer from Attorneys
Brent Rose The Orsini & Rose Law Firm

Re: Foreclosure vs Bankruptcy

Assuming your primary homestead is in Florida, it is at risk of liens from a deficiency judgment on the rental property, but your homestead is not subject to foreclosure. They can't take your homestead from you based on the deficiency lien from the rental property. The lien will sit on the homestead until it is sold or otherwise transferred, then the lien must be paid unless something like bankruptcy removes the lien.

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Answered on 1/26/09, 8:58 am


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