Legal Question in Real Estate Law in Florida
Hello- I have a question regarding a real estate matter. If I'm a homeowner, and my home is in default, and I get a cash offer to sell my home, what would happen if I take the cash offer and reneg on my mortgage lender?... Take the cash and run, basically... Thanks, Jim
2 Answers from Attorneys
The mortgage is a lien on the home. So, the bank would just foreclose on the home if the new buyer doesn't keep paying the mortgage payments. The bank's interest in the property would be superior to that of the new owner.
In addition, you are personally liable on the mortgage note. So, no matter where you go, the bank will sue you personally and probably obtain a judgment against you.
No one in their right mind would give you cash. The mortgage is a lien. They get paid first.
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