Legal Question in Real Estate Law in Florida
We are in process of modification loan since last year. So far..no good news. May I buy an apt.( in Florida ) cash befor my apt. here..in florida will be in forclosure or short sale ? I am affraid the Bank will come after me and ask...why I didn't pay the mortgage for my old apt...if I have these money ?
Thank you,
Emily
2 Answers from Attorneys
If you buy the apartment in Florida and make it your homestead under Florida's homestead laws it should be protected. However, your current lender can still pursue any claims it may have against your other assets.
Before you agree to a short-sale, read everything and make sure you are not going to be held responsible for any deficiency. Contact an attorney for more help in negotiating a modification, short sale, deed in lieu, or for defense of any foreclosure action that may be filed against you. Remember that if you do not file an answer to a foreclosure lawsuit in twenty days, the lender can get a default judgment and go after you for the deficiency.
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