Legal Question in Real Estate Law in Florida

Hello- I have a question regarding a real estate matter. If I'm a homeowner, and my home is in default, and I get a cash offer to sell my home, what would happen if I take the cash offer and reneg on my mortgage lender?... Take the cash and run, basically... Thanks, Jim


Asked on 1/11/10, 3:36 pm

2 Answers from Attorneys
Steven Meyer CPLS, P.A.

The mortgage is a lien on the home. So, the bank would just foreclose on the home if the new buyer doesn't keep paying the mortgage payments. The bank's interest in the property would be superior to that of the new owner.

In addition, you are personally liable on the mortgage note. So, no matter where you go, the bank will sue you personally and probably obtain a judgment against you.

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Answered on 1/16/10, 3:43 pm
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

No one in their right mind would give you cash. The mortgage is a lien. They get paid first.

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Answered on 1/18/10, 5:26 pm


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