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Desperate Florida Investor

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meprioya Guest	Posted: Fri Jul 25, 2008 7:27 am    Post subject: Desperate Florida Investor Like 0 Dislike 0 Hi All, I owe $300K on a mortage for a condo in Florida which market value now is $190K. It is rented but every month I have to pay about $1,500 out of pocket to cover mortgage, HOA, etc. The monthly mortgage payment includes PMI and it is interest only type for 1 more year, then it will go up. I do not care about my credit score as I live abroad and do not plan to go back to US for at least 10-15 years. However I do care about deficiency judgements as I still keep some savings in US banks. Any suggestions? mepiroya
ckalvesmaki Community Expert Joined: 28 Jan 2006 Posts: 378 Location: Dallas 56.51 Dollars($)	Posted: Fri Jul 25, 2008 1:46 pm    Post subject: Like 0 Dislike 0 Was the home purchased originally as a primary residence? If it was they may not be able to get a judgment.....however you need to consult an attorney and more than likely move your money out of US accounts.... _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-9019 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states
meprioya Guest	Posted: Sat Jul 26, 2008 1:10 am    Post subject: Florida investment?? Like 0 Dislike 0 The house was purchased as second home while I was already abroad, and I have provided my current address in Europe when applied for the mortgage. Do you think they can chase accounts/assets also outside US?
nlhobei Joined: 26 Jul 2008 Posts: 6 2.38 Dollars($)	Posted: Sat Jul 26, 2008 8:18 pm    Post subject: Contact the lender Like 0 Dislike 0 The right thing to do is contact the lender and work out an arrangement. There are several different options available. Running from the problem won't make it go away.
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1609 Location: MASSACHUSETTS 150.97 Dollars($)	Posted: Mon Jul 28, 2008 11:02 am    Post subject: RE: deficiency judgment Like 0 Dislike 0 Hi meprioya, Are you planning to stop paying for the loan? The question of deficiency judgment doesn't arise until you stop paying and the lender forecloses. Or do you have plans to sell the property? if the lender ever files a deficiency judgment, he can come after your savings in the US bank. Regarding your assets in Europe, the lender can come after them provided the state laws there allows him to do so. The lender has to take special permission from the court in whichever state you are in Europe. God bless you. Samantha. _________________ Know how to compare lenders with mortgage booklet

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