Legal Question in Real Estate Law in Florida
After one year of paying my mortgage with a loan modification the bank decided not to permanently modify the loan and demanded $25000. At that time I stopped paying the mortgage, which was 1 yr ago. The house is worth about $125000 less then I paid for it and even though I put down 100,000 I do not feel like I can stay in this house.I have tried to set up an agreement for short sale but the Bank has been ridiculous to get in touch with and so I am awaiting them to foreclose. I have other debt and with the foreclosure feel the need to file bankruptcy. Should I file bankruptcy first before they foreclose or should I wait to foreclose and then file bankruptcy. Also I was thinking of returning to NY. Can I file bankruptcy up there? If I walk away from the house and move back north, can the foreclosure proceeding happen up there? so confused
1 Answer from Attorneys
I would suggest that you have your situation evaluated by an attorney.You still have potential defenses against your lender even if they file foreclosure. In addition, even though it's hard to do short sales is not impossible if you have the assistance of an attorney to push it to conclusion. If you don't know anyone to call please feel free to send me an e-mail or call me to discuss this in greater detail.I am handling several cases that are similar to your situation right now. It sounds like you need some strategic planning at this point.
Sincerely,
Robert Roemer
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