Cuqui, Home Seller in Boca Raton, FL

i am a foreign national who bought a property in florida as a second home about 4 years ago, the property is

Asked by Cuqui, Boca Raton, FL Wed Feb 11, 2009

100,000 less in value and now with this econimi I can no longer pay it. What can happen to me if this property goes into foreclosure?

Help the community by answering this question:


Before you walk away there may be options of a loan modification, please feel free to give me a call for a personal consultation.

Melissa Antenucci
Ameritrust Financial Services
0 votes Thank Flag Link Thu Jun 4, 2009

Our recommendation is to seek the advice of a real estate attorney. They will be able to advise you best.

Good luck
0 votes Thank Flag Link Thu Feb 12, 2009
Your best bet is to rent out the property to try and cover your monthly expenses....
Manny Reynaldo
Realtor, Mortgage Broker
Prudential Florida Realty
Boca Raton, Fl
0 votes Thank Flag Link Thu Feb 12, 2009

The other posters are correct. You can speak with your accountant and you can do a short sale. There are also other options.

1. If you want to keep your home, you may be able to get a loan modification, whereby the bank may reduce the interest rate to a point where you may be able to afford the mortgage.

2. If you want to do a short sale, you will need to document your reasons for no longer being able to pay for it. A short sale is where the bank will agree to accept less than you owe currently.

3. You can ask the bank if they are willing to accept the keys to the house in exchange for walking away from the property. Known as a Deed in Lieu of Foreclosure.

4. You can live in the property until the bank forecloses. You need to know that if you are living in the U. S. full time or even part time, it will become increasingly difficult to find another place to live because whatever credit you have will be increasingly tarnished.

5. Speak with an attorney. There are many good attorneys who will help you find a way out of this situation.

Everything takes time. How far behind are you in your payments, or are you using up your savings in an effort to support the house?

Please give me a call and I will be happy to help point you to an appropriate professional, so you can resolve some of your problems.

Nadine Mauro
Regency Realty Services
0 votes Thank Flag Link Wed Feb 11, 2009
Cuqui, talk with your accountant before you just walk away. In most cases it is much better to do a Short Sale. As far as what the banks can do to you, not much if you are a foreign national, but here you should discuss this with a lawyer. I can recomend you a good lawyer.

If you want to discuss this further, give me a call or e-mail me.

Lars C. Kier, P.A.
Future Home Realty
Web Reference:
0 votes Thank Flag Link Wed Feb 11, 2009

You may be able to avoid foreclosure by selling your home short in a preforeclosure sale. If you have any questions about this process and how you can sell your home in a short sale contact me at 561-568-1006 or email me at

Denine Mckerchie
Remax Advantage Plus
561-568-1006 direct line
Web Reference:
0 votes Thank Flag Link Wed Feb 11, 2009
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