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kc
Guest
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 Posted: Sat Dec 20, 2008 7:20 am Post subject: mortgage on vacation home |
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| My father and I are both on the mortgage, we are on the deed as well as my sister and brother. My question is, when my father dies and I'm left with the mortgage will my other property in CT be at risk if I walk away from the florida property. Also, can anyone on the deed be at risk of losing their other assets?? |
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 smithsussane
Joined: 18 Sep 2008
Posts: 4515
Location: Alaska
440.39 Dollars($)
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| Posted: Sun Dec 21, 2008 11:02 pm Post subject: |
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Hi kc!
Welcome to forums!
If you walk away from the property and do not pay the mortgage dues, then the property will go into foreclosure. This will badly ruin your credit. In case, if you are unable to pay the deficient amount resulting from the foreclosure sale, the lender will have the right to place a lien on the property at CT.
If the property is foreclosed upon, then the lender will sell off the property. In that case, your brother and sister will lose the property.
Feel free to ask if you have further queries.
Sussane |
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Bob Young
Guest
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| Posted: Mon Jun 29, 2009 8:25 am Post subject: Mortgage Foreclosure |
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| My mother passed some time ago and I was left with her home in Broward County Florida. I had no intension of living there and so was luck enough to find a renter. This income is sufficient to pay of the mortgage I was forced to take out on the home to pay my mothers debts. Now, the renter isn't paying her rent and I think she moved out on her lease ( I live about 200 miles from the home). I do not have the funds to pay the mortgage, if I let BOA foreclose the home and they sell is for less than the owed amount "Will I be responsible for the unpaid balance?". |
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bruce123
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| Posted: Sun Oct 04, 2009 4:28 pm Post subject: fl law |
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| can a married spouse buy a house in fl without thier partners conscent |
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savior70
Joined: 25 Mar 2009
Posts: 1778
Location: Florida
238.16 Dollars($)
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| Posted: Mon Oct 05, 2009 3:37 am Post subject: |
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To Bob,
Are you on the loan to the property? If your deceased mother is the only person on the mortgage promissory note, you cannot be held responsible for the default. Thus, if you let the property go into foreclosure and there's a deficiency from the foreclosure sale of the house, the lender cannot come after you to recover the deficient amount.
To Bruce,
As far as I'm aware of, Florida is not a community property state. Thus, both the spouses cannot have an equal undivided interest in the property, unless both of them are on the title. However, Florida divorce laws use equitable distribution to divide properties among spouses. As per the equitable distribution, what percentage of the property each spouse gets depends on his/her financial situation. Thus, I think you always have the right to purchase your own house as your separate property. As long as you're not in a community property state and you have the property solely in your name, your spouse cannot claim any interest in the property. However, it's always good to consult an attorney before making the purchase. |
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down and out
Guest
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| Posted: Fri Oct 16, 2009 3:30 pm Post subject: squatters law |
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| can i move into an abandon home that is in foreclosure with old owners permission and live there till bank takes over? |
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derek
Guest
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| Posted: Wed Dec 23, 2009 12:47 pm Post subject: mortgage is "no good" |
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| I was told by my lender, the previous owner, that the mortgage we recorded is "no good". Apparently there is a problem with the way it was written dealing with his trust. I have also been told by an attorney at Legal Aide the same thing. I am in Foreclosure and Im considering using this as a defense. If the mortgage is "no good", then what would happen? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4292
Location: Hawaii
677.83 Dollars($)
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| Posted: Thu Dec 24, 2009 12:50 am Post subject: |
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Hi down,
I believe you can move into the abandoned home only if the owner gives you the permission to do so. If the house has not yet been foreclosed, the ownership of the property has not changed. But once the property is foreclosed, the new buyer will have the ownership to the property and you will have to vacate the house as soon as possible.
Hi Derek,
If the mortgage was not recorded properly and has no legal value, you may not be liable to repay it and this could be used as a defense in against the foreclosure. But I am not sure on what ground the mortgage is considered "no good". If indeed there has been certain problems regarding the previous owner's trust which makes the mortgage deed void, the foreclosure could be stopped. However, you need to consult an attorney to know if the mortgage deed is indeed legally void and if there is a way to use this as a means to stop the foreclosure. An attorney would be the best person to help you in this situation. |
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