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short sale florida

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tfeehan Joined: 23 Feb 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Feb 23, 2010 7:36 pm    Post subject: short sale florida Like 0 Dislike 0 I have a property in florida, a condo hotel. I'm way upside down on this. I live in Illinois. the bank will do short sale if I sign a unsecured loan for 75% of the balance. I have a 401, other savings besides 401 & other property in Illinois besides my primary residence. What can they come after?[/b]
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Tue Feb 23, 2010 10:49 pm    Post subject: Like 0 Dislike 0 Hi tfeehan! Welcome to forums! The lender will not be able to come after your retirement account if you are unable to pay off the dues. However, if you have a savings account, then the lender would come after it to recover the dues. However, in order to garnish you savings, the lender will have to file a lawsuit and get a judgment against you. Feel free to ask if you've further queries. Sussane

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