Legal Question in Real Estate Law in Florida

Unless you are on the verge of bankruptcy, "walking away" is not an option.

If you have ANY money, assets, or a job, the bank will come after you for these funds.

If you fail to make your payments, eventually the bank will foreclose. After the bank forecloses, it will eventually evict you. After you are evicted, the Vagrants will move in, and "camp out" in your home.. The Vandals will come and steal anything that can be stolen, including plumbing, heating, A/C and light fixtures, cabinets etc. The bank will eventually sell the property for much less than is owed on the loan. Then the bank will get a deficiency judgement against you, and this will follow you wherever you go. The bank can and will garnish your wages, your bank accounts and your tax refunds. Your credit will be toast, and any money that you still have will be taken to satisfy your debt.

If you have money, a job, or assets, your only option is to keep making payments on your overmortgaged property. You cannot do a "short sale" unless you can prove to the bank that you are on the verge of bankruptcy, and foreclosure is imminent, and that you have no money.

The American public has been mislead to believe that they can just "walk away" from their loans. This does not happen in a recourse state like Florida. The government "bail outs" do not protect or help responsible persons who bought a home within their means, and have good credit and pay their bills on time. The bail outs only help persons on the verge of bankruptcy, and the banks that made irrational loans. So if you are on the brink of bankruptcy anyway, and your credit is already bad, then walking away might make sense. Keep this fact in mind when you vote on November 2.