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EconProf
ParticipantYou’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.ParticipantYou’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.ParticipantYou’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.ParticipantYou’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 1:59 PM in reply to: In San Diego TODAY, what developments should I check out? #231861Participantnybuyer: You might get a better response if you used a different handle…like outoftownbuyer.
July 1, 2008 at 1:59 PM in reply to: In San Diego TODAY, what developments should I check out? #231983Participantnybuyer: You might get a better response if you used a different handle…like outoftownbuyer.
July 1, 2008 at 1:59 PM in reply to: In San Diego TODAY, what developments should I check out? #231995Participantnybuyer: You might get a better response if you used a different handle…like outoftownbuyer.
July 1, 2008 at 1:59 PM in reply to: In San Diego TODAY, what developments should I check out? #232035Participantnybuyer: You might get a better response if you used a different handle…like outoftownbuyer.
July 1, 2008 at 1:59 PM in reply to: In San Diego TODAY, what developments should I check out? #232045Participantnybuyer: You might get a better response if you used a different handle…like outoftownbuyer.
ParticipantUnquestionably, an all cash offer will trump offers with financing. And some financing contingencies deserve to be laughed off. Cash is king.
OTOH I’ve experienced worse terms in getting financing on a property that I own free and clear vs. one with financing in place. Either the rate is higher or the LTV allowed is lower. Makes no sense, as the lenders ought to see a F & C owner as a better risk. But as we know, lenders can be pretty stupid.
OT, Black Swan, are you the Black Swan that posts frequently on Mish’s site?
ParticipantUnquestionably, an all cash offer will trump offers with financing. And some financing contingencies deserve to be laughed off. Cash is king.
OTOH I’ve experienced worse terms in getting financing on a property that I own free and clear vs. one with financing in place. Either the rate is higher or the LTV allowed is lower. Makes no sense, as the lenders ought to see a F & C owner as a better risk. But as we know, lenders can be pretty stupid.
OT, Black Swan, are you the Black Swan that posts frequently on Mish’s site?
ParticipantUnquestionably, an all cash offer will trump offers with financing. And some financing contingencies deserve to be laughed off. Cash is king.
OTOH I’ve experienced worse terms in getting financing on a property that I own free and clear vs. one with financing in place. Either the rate is higher or the LTV allowed is lower. Makes no sense, as the lenders ought to see a F & C owner as a better risk. But as we know, lenders can be pretty stupid.
OT, Black Swan, are you the Black Swan that posts frequently on Mish’s site?
ParticipantUnquestionably, an all cash offer will trump offers with financing. And some financing contingencies deserve to be laughed off. Cash is king.
OTOH I’ve experienced worse terms in getting financing on a property that I own free and clear vs. one with financing in place. Either the rate is higher or the LTV allowed is lower. Makes no sense, as the lenders ought to see a F & C owner as a better risk. But as we know, lenders can be pretty stupid.
OT, Black Swan, are you the Black Swan that posts frequently on Mish’s site?
ParticipantUnquestionably, an all cash offer will trump offers with financing. And some financing contingencies deserve to be laughed off. Cash is king.
OTOH I’ve experienced worse terms in getting financing on a property that I own free and clear vs. one with financing in place. Either the rate is higher or the LTV allowed is lower. Makes no sense, as the lenders ought to see a F & C owner as a better risk. But as we know, lenders can be pretty stupid.
OT, Black Swan, are you the Black Swan that posts frequently on Mish’s site?
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