Legal Question in Real Estate Law in Florida

Re: Foreclosure

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I am not sure that I understand your question, but if I take the question from the standpoint of you being the defendant, then you have several important issues to deal with.

First, if there is a deficiency after the foreclosure sale, then you may be responsible to pay that amount to the lender. Second, the issue of the foreclosure will show on your credit report and will severely affect your credit rating and ability to obtain credit or loans in the future. Last, you will have to deal with the hassle of finding another residence if you live within the foreclosed property.

You might wish to try and work out an agreement with the lender to tender a deed in lieu of foreclosure or to sell the property to someone in order to pay the loan rather than have the negative consequences listed above.

I strongly suggest that you meet with an attorney who is knowledgable about real estate and foreclosure law to discuss the specifics of your problem.

Scott R. Jay, Esq.