Check out some similar questions!

teresak88 · Oct 27, 2007, 09:24 AM

Hi

I currently have two outstanding mortgaes, both in fLorida, one on a lot of land and one on a house. I am trying to sell both of them but in the current market have not been able to and I cannot keep paying the mortgage payments. I do not live in the US but in the UK and have a UK passport. What will happen if I:

a) foreclose on the land (can the bank go after the house if there is a shortfall on the sale of the land?)

b) foreclose on both the land and the house (can the bank go after any UK assets to cover any deficits?)

Finally, does this mean I will never be able to go to the US again if I was to foreclose on one or both of the properties?

Thank you for your help in advance

excon · Oct 27, 2007, 04:05 PM

Hello t:

If the bank takes property back, whether it's improved or not, when they sell it at auction and get less for it than you owe, they will sue you and get a judgment. Can the judgment be served in the UK? I don't know, but I'll bet it can.

However, we don't keep deadbeats out of our country. Come on, visit us again.

excon

dreamergurl1189 · Jul 24, 2009, 06:37 PM

Actually I was just in the bank the other day and she was explaining to my husband and I. There is no way to sue someone who is not a us citizen because the non us citizen is from another country and there is no way to find them/to serve papers over seas. So I doubt they can take any of your UK Assets.
I don't think you should worry about being banned from the US just because you have foreclosed on a home.
Also, I think the worst that can happen from what I have been reading through out the internet is if you are not able to make the payments monthly, the bank will foreclose on your home and sell it for less. Then the next step would be to sue you for the amoun still owed... however like I said before they cannot pursue you because you are not a US citizen, they have no juridiction... and I have read on other sites that banks usually know they cannot ''squeeze juice from a rock'' and they know they cannot get the money out of you by suing so they usually don't pursue it. Its pointless.. hope this helps.