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  • June 30, 2008 at 5:24 PM #13168
    190pounds
    Participant

    Live in FL, bought in 2004 for 200k with 100% financing 80/20 (I paid closing costs). Lost my job 2 years later so I HELOCed the rest of my debt to make my overall monthly obligations more manageable while trying to secure another job. I now owe roughly 255k, but the house is probably worth only 185k now. Family emergency is requiring me to move asap to another state. I don’t have the money to come to the closing table with so my two choices are short sell and foreclosure.

    *1st mortgage is $155k with one company and HELOC is with a different company at $100k

    I welcome productive comments instead of flames as I’m not a speculator.

    July 1, 2008 at 11:18 AM #231801
    190pounds
    Participant

    well?

    July 1, 2008 at 11:18 AM #231922
    190pounds
    Participant

    well?

    July 1, 2008 at 11:18 AM #231933
    190pounds
    Participant

    well?

    July 1, 2008 at 11:18 AM #231975
    190pounds
    Participant

    well?

    July 1, 2008 at 11:18 AM #231985
    190pounds
    Participant

    well?

    July 1, 2008 at 5:08 PM #231961
    EconProf
    Participant

    You’re screwed.
    If Florida law is like CA’s, your first is non-recourse, meaning they cannot go after your other assets, but can take the property back.
    But if you have a HELOC, it probably is recourse, meaning they can pursue you & get a judgement. However, I am not a lawyer, every state is different, and even the general rules I cite above have exceptions & ongoing challenges as we speak. See a local attorney specializing in real estate. Yours is a common problem everywhere, & your attorney can quickly give you answers.

    July 1, 2008 at 5:08 PM #232084
    EconProf
    Participant

    You’re screwed.
    If Florida law is like CA’s, your first is non-recourse, meaning they cannot go after your other assets, but can take the property back.
    But if you have a HELOC, it probably is recourse, meaning they can pursue you & get a judgement. However, I am not a lawyer, every state is different, and even the general rules I cite above have exceptions & ongoing challenges as we speak. See a local attorney specializing in real estate. Yours is a common problem everywhere, & your attorney can quickly give you answers.

    July 1, 2008 at 5:08 PM #232095
    EconProf
    Participant

    You’re screwed.
    If Florida law is like CA’s, your first is non-recourse, meaning they cannot go after your other assets, but can take the property back.
    But if you have a HELOC, it probably is recourse, meaning they can pursue you & get a judgement. However, I am not a lawyer, every state is different, and even the general rules I cite above have exceptions & ongoing challenges as we speak. See a local attorney specializing in real estate. Yours is a common problem everywhere, & your attorney can quickly give you answers.

    July 1, 2008 at 5:08 PM #232133
    EconProf
    Participant

    You’re screwed.
    If Florida law is like CA’s, your first is non-recourse, meaning they cannot go after your other assets, but can take the property back.
    But if you have a HELOC, it probably is recourse, meaning they can pursue you & get a judgement. However, I am not a lawyer, every state is different, and even the general rules I cite above have exceptions & ongoing challenges as we speak. See a local attorney specializing in real estate. Yours is a common problem everywhere, & your attorney can quickly give you answers.

    July 1, 2008 at 5:08 PM #232145
    EconProf
    Participant

    You’re screwed.
    If Florida law is like CA’s, your first is non-recourse, meaning they cannot go after your other assets, but can take the property back.
    But if you have a HELOC, it probably is recourse, meaning they can pursue you & get a judgement. However, I am not a lawyer, every state is different, and even the general rules I cite above have exceptions & ongoing challenges as we speak. See a local attorney specializing in real estate. Yours is a common problem everywhere, & your attorney can quickly give you answers.

    July 2, 2008 at 1:56 PM #232620
    patientlywaiting
    Participant

    I’m pretty sure that Florida uses “real” mortgages (and not deeds of trust like in California).

    Mortgages require judicial foreclose (unlike a deed trust “foreclosure” which is under the power of sale granted by the owner to the trustee who holds the deed on behalf of the bank).

    Judicial foreclosures make it much easier to get deficiency judgments.

    July 2, 2008 at 1:56 PM #232610
    patientlywaiting
    Participant

    I’m pretty sure that Florida uses “real” mortgages (and not deeds of trust like in California).

    Mortgages require judicial foreclose (unlike a deed trust “foreclosure” which is under the power of sale granted by the owner to the trustee who holds the deed on behalf of the bank).

    Judicial foreclosures make it much easier to get deficiency judgments.

    July 2, 2008 at 1:56 PM #232570
    patientlywaiting
    Participant

    I’m pretty sure that Florida uses “real” mortgages (and not deeds of trust like in California).

    Mortgages require judicial foreclose (unlike a deed trust “foreclosure” which is under the power of sale granted by the owner to the trustee who holds the deed on behalf of the bank).

    Judicial foreclosures make it much easier to get deficiency judgments.

    July 2, 2008 at 1:56 PM #232557
    patientlywaiting
    Participant

    I’m pretty sure that Florida uses “real” mortgages (and not deeds of trust like in California).

    Mortgages require judicial foreclose (unlike a deed trust “foreclosure” which is under the power of sale granted by the owner to the trustee who holds the deed on behalf of the bank).

    Judicial foreclosures make it much easier to get deficiency judgments.

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