Foreclosure in 33141>Question Details

Randyj, Both Buyer and Seller in Melbourne, FL

If I foreclose on my primary residence, can anyting happpen to other homes I own?

Asked by Randyj, Melbourne, FL Sun Apr 19, 2009

I am in the process of foreclosing on my primary residence, however, I own other property. Can the mortage company of my primary residence do anything to the other properties?

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Answers

4
Make your other home your primary once you lose this one so Florida's homestead exemption will insulate you from a potential deficiency judgment.
0 votes Thank Flag Link Thu Apr 30, 2009
I agree that you should consult an attorney but the bank looking at and/or going after your other assets is pretty much an given. If you end up in foreclosure and there is a deficience they are going to want to know if you have a way to cure that deficiency. I suggest you get some help sooner rather than later.
0 votes Thank Flag Link Mon Apr 20, 2009
Have you pursued a Short Sale?

The best advice I can tell you is that you need to go to a Real Estate Attorney. It will be the best $300 for a consultation and advice you will spend. Each Attorney charges differently. But you need to find out your legal rights. You will also need to know the full ramifications of a foreclosure. Many people think that a foreclosure is the end. It is not. There are many different things that can happen such as a deficiency judgment.
0 votes Thank Flag Link Mon Apr 20, 2009
You need to speak with a good real estate attorney..one that understands all aspects of foreclosures.
0 votes Thank Flag Link Mon Apr 20, 2009
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