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Negative equity

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Iberstonespain Joined: 26 Aug 2008 Posts: 2 1.74 Dollars($)	Posted: Tue Aug 26, 2008 9:41 am    Post subject: Negative equity Like 0 Dislike 0 Dear Sirs, I have purchased a condo in Florida as an investment and its market value now is $190K, however I owe the bank $300K. It is rented but every month I have to pay about $1,500 out of pocket to cover mortgage, HOA fees, etc. I am planning to stop paying the mortgage and I do not care about my credit score as I live abroad and do not plan to go back to US for at least 10 years. As there is a private mortage insurance in place, if I am in default I assume that the insurance co will get the property and the bank will get paid, but: is the insurance company going for deficiency judgements or similars? I still have some savings in US banks. Then, are they going to chase other accounts/assets inside and outside the US?
helping_user Joined: 31 Mar 2006 Posts: 806 Location: Hawaii 158.55 Dollars($)	Posted: Wed Aug 27, 2008 12:40 am    Post subject: RE: insurance company to pay deficiency? Like 0 Dislike 0 Welcome Iberstonespain. Irrespective of the deficiency, the insurance company should cover the entire loan balance you owe if you're in default. However, if the balance exceeds your coverage, then you will have to pay the deficiency on your own as Florida is a deficiency judgment state. And yes, the lender may come after assets or accounts provided yours is a full or limited recourse loan. Thanks.
Fred Guest	Posted: Tue Nov 23, 2010 5:02 am    Post subject: FHA second refinance Like 0 Dislike 0 what banks are doing FHA second refinance in virginia
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Nov 24, 2010 12:35 am    Post subject: Like 0 Dislike 0 Hi Fred, It's difficult for me to let you know the names of the banks doing FHA second refinance in Virginia. You need to speak to the local lenders and check out who will be interested to give you a loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you can get a mortgage. Thanks

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