Foreclosure in 33141>Question Details

R. Davis, Both Buyer and Seller in Miami Beach, FL

I only owe past due mortgage, i have no credit card and no car payments. If i end up having to do a

Asked by R. Davis, Miami Beach, FL Wed Apr 22, 2009

foreclosure, do i have to file bankruptcy ? And if i don't or do, can they take my car? I was laid off and denied
modification. Rental doesn't cover expenses and shortsales are not selling at all in my building.

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3
Mott Kornicki’s answer
semia~

Another option may be to offer the lender the Deed In Lieu of Foreclosure. The details could be complicated and the consequences not to your liking. Typically, lenders are not going after peoples cars or other persoanl property. It is best to level with the lender and ask for any and all options that they are willing to consider.

Mott Marvin Kornicki, Broker | Associate
Real Estate In Miami Beach, Florida

http://waterwayrealty.com
0 votes Thank Flag Link Thu Apr 23, 2009
You are like many Miami Florida Home owners right now. A Short sale of your Miami Beach Florida Home may also be a great solution. That way, you can spare your credit from a foreclosure or bankruptsy. The key is that you must be in a financial hardship. Choose an experienced Miami Beach FL Short Sale Specialist Realtor to help get your home or condominiums sold!
0 votes Thank Flag Link Thu Apr 23, 2009
Hello Semia,
This is a question that needs to be answered by an Attorney. I am not an Attorney but there might be a clause in your mortgage that if the property is foreclosed you can be sued by the Lender for a deficiency judgment. Meaning, the difference between what you owed and the price that the property was actually sold for.
My suggestion is to please consult an attorney.
Good Luck
0 votes Thank Flag Link Thu Apr 23, 2009
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