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blancohawke · Joined: 22 Jul 2009 Posts: 2 1.86 Dollars($)

I live in Florida and am underwater on my home. I have a first mortgage with a large bank for $300k and a second mortage from the same bank for $150k. The home is worth about $300k. How can I get rid of home and how do I avoid or mitigate a defeciency judgement against my other assets?

timcrouchman · Joined: 20 Jul 2009 Posts: 52 0.00 Dollars($)

you can not go away from your both the loans.

A first step would be to communicate clearly and early with the lender. You can consider alternatives such as a loan modification, waiving unpaid payments, extending the amortization or lowering the payments. Amending your agreement with the lender may provide you with relief and the lender may allow get paid back or avoid a foreclosure process.

you can transfer ownership rights of other assets to your family members as a safeguard.

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