Legal Question in Real Estate Law in Florida

Repossession Reprocussion

What are the reprocussion of letting my VA loan for my house be forclosed upon? I have been medically retired from the Military, and am in financial dispare. I am unable to continue payments and need to be released from this debt. What would the legal ramifications against me be? And what would be the best thing to do to begin this action?


Asked on 9/10/00, 11:14 am

1 Answer from Attorneys
Randall Reder Randall O. Reder, P.A.

Re: Repossession Reprocussion

A foreclosure suit would show up on your credit

report. If the highest bid at the sale is less

than the amount of the judgment, the mortgage company

could attempt to get a deficiency judgment against

you. In other words, the foreclosure sale would

not necessarily relase you of the debt. Sometimes

one can negotiate a deal with the mortgage company to

deed the property back to it in exchange for a

release.

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Answered on 10/12/00, 4:23 pm


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