Legal Question in Real Estate Law in Florida

Land Foreclosure Ramifications
I have land in Fla. which I sold to a 3rd party (via a real estate agent) the 3rd party then has been making payments to the land company per the agreement. The 3rd party has since fallen behind in payments and I am receiving messages from the land company that they are going to foreclose. This occured one other time and I brought the account back up to good status. I do not have the means to bring the account current any more, and no longer live in the area. There are no outstanding tax issues involved. To not contest the forclosure, I know that this will be my credit being damaged, but I know of no other options. Beyond the the obvious of the land company reclaiming the land and the report to the credit agencies what other or any legal issues or penalties will this present to me and my family?

Asked on 4/16/04, 5:35 pm

David Slater David P. Slater, Esq.

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Re: Land Foreclosure Ramifications

If the foreclosure produces insufficient funds to pay the debt, you are responsible for the deficency.

Answered on 4/16/04, 10:29 pm

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