Legal Question in Real Estate Law in Florida

I am upside down on my mortgages..paid 266,000 and my townhouse is worth 130,000. I modified my first from a monthly payment of 1400.00 to 960.00. My second mortgage with Citi is 400.00 a month (39,000 owed @ 11%) and I have tried to modify for two years but they will not work with me. I'm only one month behind in payments. I want to stop paying the second mortgage..can they foreclose if I pay my first mortgage? And how long would to take to evict me? I'm 58 years old,no money saved and my friends are saying I should stop paying both mortgages and save the money because it will take over a year to evict me.


Asked on 10/14/10, 5:36 am

1 Answer from Attorneys
Shelly Schellenberg MI & FL private practice

Your friends are correct that it will take a long time for the lender to foreclose and evict you. Your friends are practicing law without a license. It will also take a long time for the foreclosure to come off your credit report. The second lender can foreclose, even if you pay the first lender. See a real estate attorney before you do anything drastic.

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Answered on 10/19/10, 2:10 pm


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