Legal Question in Real Estate Law in Florida

Answering a foreclosure lawsuit in FL

Hi,

I am delinquent on the mortgage on

my investment (non-primary

residence) property in FL, and have

been served with a lawsuit by the

primary lender (there are 2). How

should I answer the lawsuit? I can't

question the fact that I owe them

$400k. Should I simply answer and

acknowledge that, and agree that

foreclosure is the only action I accept

as an apppropriate remedy? Do I lose

any rights by admitting that? My

primary residence is in CA, and I

understand that they could take out

a deficiency lien on that property...

the mortgage company told me that

they planned to hold a foreclosure

sale in Feb 2008... but this could

accelerate matters I think. Assuming

that I think foreclosure will happen

anyway, and that I can't prevent it,

nor sell the property by short sale

(though I am trying) before then,...

how should I answer the suit

without making myself vulnerable?

Thanks.

1 Answer from Attorneys

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