Legal Question in Real Estate Law in Florida

Re: ''Walking Away'' From a Rental House

You need to consult with an attorney in Florida, as the question of whether a lender can come after you is a question of Florida law. If they do, however, in California you can exempt a certain amount of equity in your home, but its not what I would consider "substantial". You cannot exempt equity in a rental property, so you first need advice as to whether or not the lender in Florida can come after you - don't rely on these boards for that question - retain someone in Florida to get a formal opinion - its worth a few hundred dollars in legal fees to know what actions you need to take.

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Re: ''Walking Away'' From a Rental House

You should re-post this for a FL attorney. In California, on a non-judicial foreclosure, the holder of the first deed of trust could take the house, but not seek any deficiency between what you owe and their selling price. I do not know if FL has a similar non-deficiency statute. Good luck. You might want to let the tenants know when the time comes, though, so that they're not caught by surprise.

Re: ''Walking Away'' From a Rental House

Your lender may seek a deficiency judgment against you in Florida and then seek to enforce it in California.