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    dcampo's Avatar
    dcampo Posts: 2, Reputation: 1
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    #1

    Nov 20, 2013, 12:24 PM
    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?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 20, 2013, 01:19 PM
    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.
    dcampo's Avatar
    dcampo Posts: 2, Reputation: 1
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    #3

    Nov 26, 2013, 07:04 AM
    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?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Nov 26, 2013, 07:38 AM
    Attach other assets you might have, bank accounts, etc.
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