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    blighty 999's Avatar
    blighty 999 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 19, 2009, 01:50 PM
    Can uk citizens be pursued for foreclosure debt by us banks?
    Hi All,

    I live in the UK but bought an investment property in Florida 4 years ago that is now worth $80k less than I owe on it. It is not renting out at all now and for the last 3 years I have been subsidising the mortgage payments. To cut a long story short I have now lost my job and have very little savings. It is inevitable that my bank will foreclose on my property and I just wanted to know can uk citizens be pursued for foreclosure debt by us banks?

    Many Thanks,

    Blighty 999

    (PS - Sorry to the US citizens for adding to the burden on your banking system!).
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Oct 19, 2009, 02:43 PM

    Yes they can and would likely do just that. What did you use for collateral on this loan other than the property itself. If they sell the property for less than what is owed you still must pay the difference.
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