Legal Question in Real Estate Law in Florida
I am currently upside down on my mortgage. What options do I have to renegotiate this mortgage so I can pay what it truly is worth? I am currently up to date on my mortgage, but having a very hard time making ends meet and justifying a mortgage payment on a house that is upside down.
Asked on 9/06/10, 4:36 pm
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Your problem is that a mortgage is based upon what you borrowed, not what the property is now worth. If you default, your credit will be shot to hell and there will be aforeclosure. The bank will get a judgment against you for the difference between what the house sells for and what you owe.
Answered on 9/11/10, 6:22 pm
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