Legal Question in Real Estate Law in Florida
Real estate
Here is my situation. I have two homes one is my residence with a $2200 mtg payment. The other was a home we purchased to move into but things did not work out and had to rent it. With a $1700 mtg payment.
SInce the purchase I have lost my job and income is now half, the renters have gone and the home will only rent for 1100-1200 permonth and I can not afford the loss. We have used all of our savings to keep up till august. I have medical bills piling up from son and wife, income is about half of what it was 18 months ago, my old employer is suing me. I have taken loan from family to keep up with one mtg payment. My residence is upside down 70k the other property is about even with the market and more affordable to move into. I have kept that mtg current but the one on my residence is behind 4 months. I am working on a short sale but no one is looking. If I use a deed in lieu can the bank come after me for the difference on my residence. What options to I have to keep one home and come out of the hole in the near future. Keeping m current residence does not seem to make sense financialy.
3 Answers from Attorneys
Re: Real estate
Generally a deed in lieu allows you to avoid having to pay the difference, that's the purpose.
Re: Real estate
We can defend the foreclosure action giving you all the time you need to pursue several options including the short sale, a sale at market price,find a new tenant, etc. We offer very affordable payment plans of $500/month after the initial retainer (usually about $1000) and can fight the banks for 1-2 years normally...3 years is not unusual. During this time, the bank will not accept any payments...they will also pay the real estate taxes and the insurance. Feel free to call with any other questions.
Regards,
Frederick A Neustein
(888)400.ATTY(2889)
www.StopForeclosureLawyer.com
Re: Real estate
We can defend the foreclosure action giving you all the time you need to pursue several options including the short sale, a sale at market price,find a new tenant, etc. We offer very affordable payment plans of $500/month after the initial retainer (usually about $1000) and can fight the banks for 1-2 years normally...3 years is not unusual. During this time, the bank will not accept any payments...they will also pay the real estate taxes and the insurance. Feel free to call with any other questions.
Regards,
Frederick A Neustein
(888)400.ATTY(2889)
www.StopForeclosureLawyer.com
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