Legal Question in Real Estate Law in Florida

Foreclosure-deficiency judgment

I live with my fiance who bought a house in Jan. 2007 with a 20/80 deal. He owes more than what it is worth and has no equity in the house. He was recently laid off from his job and we can no longer afford the monthly mortgage payments. Since I am not on the mortage, I can and have been pre-approved to a buy a home. Is it advantageous for us to walk away from his house? I am concerned about the lenders pursuing a deficiency judgment.


Asked on 10/24/08, 3:07 pm

1 Answer from Attorneys
Michael Rajtar Rajtar & Associates, P.A.

Re: Foreclosure-deficiency judgment

There are ways to negotiate with them to avoid the deficiency judgment. There are effects to his credit that differ depending on how things are handled from this stage. Feel free to give me a call should you have any further questions.

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Answered on 10/24/08, 3:23 pm


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