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waitejks · Joined: 17 Feb 2009 Posts: 2 1.65 Dollars($)

My investment condo is located in destin fl and i have a mortgage for 450. it was appraised for 375 recently. i am about out of resourses to pay any longer. I dont want to foreclose but a short sale is very unlikely since there are so many good deals on the market in destin. I deduce that if i do a foreclosure the lender, Chase, will file a deficiency judgement agnst me. what are my options??? i am really distressed about this situation.

Niicss · Posted: Tue Feb 17, 2009 3:23 am Post subject:

Hi waitejks,

You are correct in saying that in case of a foreclosure, the lender will file a deficiency judgment against you in order to recover the deficient amount resulting from the sale of the property. Even in case of a short sale, you will have to pay the deficient amount resulting from the sale.

You can check out the option of deed in lieu. The process of deed in lieu is similar to that of a short sale. The lender will sell your property in the market and try to recover the debts but the deficient amount resulting from the sale of the property will be forgiven by the lender. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html

Thanks.

Guest

THank you for your reply above.
In case of deficiency judgement will the lender take my personal residence? That is all I have. thanks, jan

adonis · Posted: Tue Feb 17, 2009 10:33 pm Post subject:

Hi Jan,

If you are unable to pay the deficient amount, then the lender may place lien on your personal property. But if you pay him the deficient amount, then you should not worry about the liens.

Guest

Jan:

For the most part banks are eating the deficencies, is that amount is running into the hundreds of thousands of dollars the lender may ask the seller to take an unsecured note, interest free with a ten year balloon. The news is not really all that bad.

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foreclosure on fl condo?