Legal Question in Real Estate Law in Florida

Foreclosure in Fla.

Hello,

I currently own my 1st home and live in NJ. I built a 2nd house in 05/2006 via a home builder in Deltona Fla. My intentions for

this 2nd home was to flip it. Please note the mortgage company believes I was intending to live there. Needless to say with the downturn of the market I have not been able to sell. I have exhausted all my savings and ran up my credit card debt to 75k. I cannot afford to continue to pay the mortgage on my 2nd home in Deltona. I am currently up to date on my

mortgage payments but effective 06/01/2007 mortgage due date i will not pay this and all other mortgage payments due going forward. Can you let me know

what are my best options: 1. Speak to mortgate company about doing a short sale/deed in lieu of foreclosure 2. Do nothing and let house go into foreclosure. Which I am not sure if the state of FLA will allow mortgage company to come after me for any deficiency still owed after the sale.


Asked on 6/04/07, 10:16 am

1 Answer from Attorneys
Robert Roemer Robert Roemer

Re: Foreclosure in Fla.

At this point you need professional guidance to avoid ruining your credit and the potential of a deficiency judgment. The chance of doing a short sale is limited because lenders have cracked down on this concept due to widespread abuse. I would advise you never did not do anything such as let the house go into foreclosure. I would suggest that you e-mail me a phone number where I can reach you to discuss the matter further. I would need to know the information about your financial situation. The good news is your dealing with the problem now which opens up the different options.

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Answered on 6/06/07, 12:01 am


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