Foreclosures Help Information

Posts Tagged ‘Florida Bank’

Bank Foreclosure Homes In Florida

Question: If you own two properties in Florida, can a bank go after your homestead if you default on the first loan?

I own a condo in Miami and due to foreclosures in the community properties are now selling for a quarter of what I paid originally and I do not see the light at the end of the tunnel. If I purchase a second home and defaulted or foreclosed on the first property (condo), can the condo bank go after my second property if it is my primary residence? What options do I have?

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Answer: Yes. Contact a lawyer ASAP

4 bed / 2 bath foreclosed home on 32318 Crest Lane Union City CA 94587

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Bank Foreclosures Florida

Question: We are trying to buy a bank owned foreclosed home?

We are interested in purchasing a home in Florida. It is a bank owned foreclosure and the asking price is $89,900. We put in an offer for $106,000 with seller paying $6,000 in closing cost so the bank will actually make $10,100 more than they were asking. As most people searching for homes now realize this is a very competitive market. They want the highest bid but we really want this house. It's the perfect size age, and it has a heated in ground pool! Has anyone had this happen to them? What was the ending result?

FYI all bids needed to be in by noon today (2 hours ago) and we put ours in at 10:30 this morning. The bank (owner of home) called my realtor at 11:30 and asked if that is the highest bid and we confirmed. So I am guessing that is a good sign if they are asking. Please HELP!!! I am already getting anxious and it's been a couple of hours LOL

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Answer: Sounds like you did a good job! Good Luck!

Florida Foreclosed Homes - FL

Bank Foreclosure Homes Florida

Question: Will I be legally obligated to pay anything if I walk away from my home and let it go into foreclosure? (FL)?

In the state of Florida, will I be penalized (e.g. have to pay the difference on the loan if the bank auctions the house) if I walk away from my home and let it go into foreclosure?
Also, I didn't have an adjustable rate mortgage. About to get laid off.

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Answer: You will not be legally obligated to pay the difference between the balance on the loan and the sheriff sale price... unless the bank sues you for a deficiency judgment after the sale.

Most banks, however, do not sue for deficiency judgments. It is becoming slightly more common, but in the vast majority of foreclosures, banks know homeowners are strapped for cash.

So there is a possibility you will have to pay more, but the judgment will be an unsecured debt anyway. It can be discharged in a Chapter 7 bankruptcy, and you can never worry about it.

The benefit of filing a Chapter 7 if the bank does get a deficiency is that, with the foreclosure and the deficiency judgment, your credit is already ruined. Why not just get rid of the judgment?

If my credit was ruined due to late mortgage payments and a foreclosure, I would gladly trade a slightly lower score through bankruptcy for paying tens of thousands of extra dollars to the bank.

But first, try selling the home or doing a short sale or getting a forbearance from the bank before you get laid off and fall behind. The bank can lower your payments if you contact them early enough.

Good luck.
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