Legal Question in Real Estate Law in Florida
Foreclosure on Refi
If you refinance your home in Fla w/cash out, buy another property in another state cash deal, no mortgage involved on 2nd property, and you end up in foreclosure in your refinanced residence, can the bank take your 2nd home also?
Asked on 5/29/06, 12:31 pm
1 Answer from Attorneys
Stephen Berlinsky
The Berlinsky Law Firm, PA
Re: Foreclosure on Refi
The lender only acquired a lien on your home when you refinanced. They do not have a lien on the cash you took out of the property. I would suggest you check with a realtor and determine if you still have equity in your home due to inflation.
Answered on 5/30/06, 6:45 am
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