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OK… this may be complicated. My wife owned a home before we got married. I lived in that home with here before I moved due to the military. Now we are both living in a home in another state (Colorado) and the home is in my name. We have been unable to sell the home and are now well behind on the payments. It has been for sell 7 months and not sold and i can no longer keep up paying for that and the house here. There is no way the house will sell for what she owes. What all can they go after? Can they try to get the money from me, will we be able to just do a 1099? Will they try to come posess our furniture? I will chuck norris roundhouse kick them if they try to come into my house. I am a military cop and i live on a military base…I will give them tickets have them arrested…ha…make sure they have a hard as hell time getting the stuff.

3 Thoughts on Florida Foreclosure?
  1. majmunovic
    February 10, 2014 at 12:51 am

    just let them forclose, its so common these days, they wouldnt even really care

  2. Ras B
    February 10, 2014 at 1:16 am

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  3. Christopher B
    February 10, 2014 at 1:41 am

    Before you write off the house, you do have options – even selling the house for less than what is owed (called a short sale).

    There are a lot of options besides foreclosure. To be brief I will just list a group of them, instead of trying to explain one or two:

    1. Rent out a room (or the whole house) and pay out whatever you owe at the end of the month.
    2. Refinance for better set rates, and/or a longer loan (40years).
    3. Sell via non-traditional means: lease option, wrap-around mortgage, rent to own, five day sale, auction, etc. There are more ways to sell a house besides just using a Realtor.
    4. Short sale – selling for less than the amount owed on the mortgage.
    5. Sell to an investor – especially someone who knows how to do a short sale. Investors are easy to find – just go through your local classified ads and find the ads that read “I buy homes”.
    6. Deed in Lieu – Volunteer to give your loan to your bank in lieu of them foreclosing – saves them thousands, and saves you a foreclosure.
    7. Declare Bankruptcy – 2nd least favorable, you will get rid of your debt (or be given a tenable repayment plan), but it won’t erase the mortgage and you could have a credit hit almost as bad as foreclosure for 10 years.
    8. Do nothing – the banks will take care of everything else! (AKA – foreclose – the worst credit hit you can have, and seven years before you can petition to have it removed).

    To answer you question – if the bank does foreclose, they cannot come after your personal belongings to pay for the debt unless they get a court order (which means they hav eto sue you – which is possible, but unlikely due to the number of properties that are forclosing right now). Banks are much more likely to work with distressed homeowners right now, so take advantage of that and find a way to sell this house (or keep it until you can).

    P.s. Beware the lady above – she has been advertising mortgages all day to other askers. I guarantee that her business isn’t out of the kindness of her heart. Know what you are buying before you sign anything.

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