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davesel · Joined: 17 Feb 2011 Posts: 1 1.28 Dollars($)

There is a first mortgage and a second mortgage on a house in Florida. Totally upside down on those mortgages. Would like to renegogiate loan or should we just walk away? Are there any new laws that can be taken advantage of?
House is worth half than orginally bought for. Can not even sell it.

adonis · Posted: Fri Feb 18, 2011 12:30 am Post subject:

Welcome davesel,

If you want to save your property, you will have to negotiate with your lender for a loan modification. If you don't want to save your property, then you should contact your lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for paying any deficient balance to the lender.

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Is there a new law in Florida, re: 1st and 2nd mortage that allows to rework the loan?

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