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are banks going after more deficiencies in florida

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tonylarsen2 Joined: 02 Apr 2010 Posts: 1 1.28 Dollars($)	Posted: Fri Apr 02, 2010 5:44 am    Post subject: are banks going after more deficiencies in florida Like 0 Dislike 0 I have a townhouse in florida that is upsidedown about 130000. it is my primary home, i have a 5 year adj arm interest only that is about to adjust soon. I am trying to modify, but it does not look likely. If i let it go, have the banks started to pursue more deficiencies? thanks
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Apr 05, 2010 3:15 am    Post subject: Like 0 Dislike 0 If you simply walkaway from the property and let the lender foreclose it, then the lender has the rights to sue you for the deficient balance. As you're unable to pay off your loan, I would suggest you to apply for a deed in lieu of foreclosure with your lender. If the lender agrees to this, then you won't be liable for the deficient balance resulting from the sale of the property. _________________ Good is the Enemy of Great.

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