Legal Question in Real Estate Law in Florida

My homesteaded house is in foreclosure in Florida (mortage owed is $170K, market value is $100K). I inherited a Maryland house from my mother but have not yet transferred the title to my name. I lost all my money and retirement in an investment scam. I have $20K in credit card debt that was sold and they'll be coming after me to collect that. I am 60 and have no job. Should I try to short sale the Florida house? Can the bank come after my Maryland house for the deficiency in the Florida foreclosure/short sale? Please help!


Asked on 7/26/10, 12:40 pm

3 Answers from Attorneys

William Gwaltney William W. Gwaltney, Attorneys at Law

depending on what you want to have as the outcome, you may need to consider bankruptcy. As for the bank coming after the Maryland house, it depends on how the Florida house is disposed of and whether Maryland allows for them to attach to your asset there.

If you try and are successful in a short sale of the Florida house, and if it is negotiated properly then you should not be responsible for any deficiency on the home. If it's not negotiated properly then you could be on the hook for the entire deficiency.

You should schedule an appointment to discuss your case with an attorney who works with financial issues such as yours. My firm handles short sales, loan modifications, foreclosures, and bankruptcy, and we can give you the name of a couple of attorneys in Palm Beach County who may be able to help you out. Just send us an email.

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Answered on 7/27/10, 4:52 am
Lesly Longa Longa Law P.A.

It depends, and I can't really answer based on this limited information. Even if you do a short sale, you will probably want to defend the foreclosure at the same time. Please feel free to email or call me and include your phone number so I can call you back. I am a foreclosure defense attorney licensed in Florida, Maryland, and D.C. Regards,

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Answered on 7/27/10, 2:38 pm
David Slater David P. Slater, Esq.

Not if you and your realtor negotiate the short sale properly.

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Answered on 7/29/10, 12:09 pm


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