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Guest

i own a condo in florida that i do not live in. it was supposed to be an investment. i do not own any other property and i live in ny. can i walk away from the unit and if so, will the bank try and sue me for the balance of the mortgage?
if i try and sell it for a loss i would lose $40,000. thanks.
danny

gmakerley · Posted: Thu Feb 19, 2009 8:26 am Post subject:

danny, surely if you "walk away" the lender will initiate foreclosure proceedings. it is possible that they could seek a deficiency against you, though in this marketplace, that is not as likely as it once was.

eric1 · Posted: Thu Feb 19, 2009 7:19 pm Post subject:

I would try to rent the condo first.

Guest

We own a florida condo which we're upside down about 70%. Purchased in 05' for $250k, short sales everywhere going for $60k- $70k.
What is considered "judgement proof" ? We own our home here in NY and we both work and have excellent credit. Also, we have two small retirement (401k) savings. Question: How do you know if you're mortgage is "non-recourse" loan, and, is there a dollar amount the lender looks at before seeking deficiency judgement?

adonis · Posted: Wed Apr 15, 2009 12:20 am Post subject:

Whether your loan is non-recourse or not will be mentioned in your loan doc. You can check it out properly and get to know about it. You can even contact the lender in this regard. I don't think there is a dollar amount which the lender looks for before seeking a deficiency judgment. As far as I know, a judgment-proof individual has no money or property within the authority of the court to satisfy the judgment.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Good news is that they cannot touch any of your 401K.

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florida condo- can i walk away?

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