Legal Question in Real Estate Law in Florida

We have a vacation property in Sunny Isles Beach, FL & can no longer afford to make the monthly mortgage payments, so we are going to stop paying starting in October. We have depleted all our investment income with the exception of Custodial Accounts for our children. I'm wondering if these are safe, or if the banks can come after them too.


Asked on 9/21/09, 3:47 pm

1 Answer from Attorneys
Robert Roemer Robert Roemer

I would suggest that you create a balance sheet. In certain situations the banks have been willing to assist borrowers sell the property in a short sale which would have the effect of extinguishing the mortgage on the property which would not affect your credit as badly as a foreclosure would.(This could avoid the bank chasing you further) I have done a substantial amount of -work in this area and would be willing to assist you. Since I'm in the general area of the property. If you would like to talk to me about this in greater detail please e-mail me your phone number and a time to call you.

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Answered on 9/21/09, 4:23 pm


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