Legal Question in Real Estate Law in Florida

Re: House in Foreclosure

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

You have just illustrated why real estate agents are not allowed to give legal advice. There is no such law that says that banks can only "come after you for a maximum of $400K regardless of what you owe". Think how foolish that would be. No lender would ever make loans of that nature in this state.

I would strongly suggest that you consult with a qualified real estate attorney for your future legal advice rather than a realtor. After all, would you go to the hardware store to get medical advice?

Scott R. Jay, Esq.

Re: House in Foreclosure

Your realtor is misinformed. The mortgage holder is entitled to collect all that is due under the mortgage, including late fees, attorney's fees and other charges. Please keep in mind that any loss the bank suffers will be reported to the IRS as income to you...that could be a significant amount of money in a case like this. Be wary of advice from realtors and seek the opinion of a real estate attorney immediately.