Legal Question in Real Estate Law in Florida
I own a primary residence and a home that is now a 2nd and I am up way upside down. I had a tenant but they are now moving out. I also am unemployed and have been for 11 months. I am married now and my husband after being laid off for 5 months is back to work. we are struggling to make our primary payments. I have cash in savings that is to help us pay for primary house so if I short sale will they go after that cash? If so that just causes more issues and us to foreclose on our primary residence. What is the best way to move fwd. (primary house is TX, second house is FL)
3 Answers from Attorneys
I would suggest you save the ptimary home (tx) and approach the lender on a short sale in the florida property.If you want to review the issue in greater detail send me an e-mail to set up an appointment to discuss.(there is not set solution-everyone situation is different)
They may go after you for the difference, so if you decide to do a short sale you will need to negotiate that with the lender. If your home has been on the market for a while, then you may be able to negotiate a deed in lieu with the lender as well, but it is very difficult to get. I agree that you probably want to make every effort to keep your homestead. I suggest you contact an attorney to get legal advice and try to sort out your options before you are served with a foreclosure lawsuit. Regards,
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