Legal Question in Real Estate Law in Florida
Unable to sell - can no longer make payment
I moved to Colorado 2 years ago. I still own a condo in Miami, which I'm unable to sell. If I stop making mortgage payment on the condo, let the bank foreclose, will they go after any asset or other property I have?
2 Answers from Attorneys
Re: Unable to sell - can no longer make payment
They may pursue a deficiency judgment in Florida
against you. This judgment can then be filed in any other state.
Re: Unable to sell - can no longer make payment
If the condo sells for less than the amount owed, then the lender may pursue a deficiency judgement for the difference. If successful, this judgement can be entered against you in Colorado. It would be best to be proactive about the matter and contact the lender with your problem. For more information regarding Florida foreclosure issues please visit the following:
http://home-mortgages.suite101.com/article.cfm/florida_mortgage_foreclosure_law
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