Legal Question in Real Estate Law in Florida

Re: Real Estate

The following information does not constitute legal advice and nothing herein shall constitute an attorney/client relationship. Contact attorney directly for legal advice.

You should always be in contact with your lender to discuss options available to work out a solution. The bottom line is that you are obligated for the debt and if it is not repaid, you will be liable for the loss. One of the biggest and worst consequences of a lender taking a loss is that the loss will be charged against you as income by the IRS. You should consider allowing the woman to have a key and see if she or anyone else would go in and pay the mortgage.

Consult an attorney immediately.

Re: Real Estate

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.

If your lady friend is willing to assume responsibility for the payment of the debt, let her agree to refinance the property and get your name off the mortgage. In return, you can execute a deed granting the property to her - with or without any payment based on what you negotiate.

The most important thing is to try and avoid a foreclosure against you and your credit history. I would strongly suggest that you consult a qualified real estate attorney to discuss your options.

Scott R. Jay, Esq.

Re: Real Estate

You may want to consider having the court partition the property. you should consult an attorney.