Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Real Estate Law (https://www.askmehelpdesk.com/forumdisplay.php?f=29)
-   -   Foreclosure (https://www.askmehelpdesk.com/showthread.php?t=775940)

  • Nov 20, 2013, 12:24 PM
    dcampo
    Foreclosure
    I bought a home in Florida in 2005, moved in 2008 and have not been able to sell it even close to what owed. If I am retired and am not worried about loss of credit, what legal ramifications do I have if I let it go to foreclosure?
  • Nov 20, 2013, 01:19 PM
    ScottGem
    If the property is sold at auction or returned to the lender, you still owe the balance of the loan. The lender can still try to collect.

    Have you tried a refinance, short sale, etc.
  • Nov 26, 2013, 07:04 AM
    dcampo
    Quote:

    Originally Posted by ScottGem View Post
    If the property is sold at auction or returned to the lender, you still owe the balance of the loan. The lender can still try to collect.

    Have you tried a refinance, short sale, etc.

    Thanks for the reply. Have not tried anything yet, house is being rented. I guess my question is still as a retired person who can pay cash for everything, the loss of credit is not an issue, what can they legally do?
  • Nov 26, 2013, 07:38 AM
    ScottGem
    Attach other assets you might have, bank accounts, etc.

  • All times are GMT -7. The time now is 03:26 PM.