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 peter
Joined: 27 Mar 2009
Posts: 1
1.33 Dollars($)
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 Posted: Fri Mar 27, 2009 8:25 am Post subject: foreclosure |
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| i have 2 houses in florida, one is fully paid for and the other has a mortgage, I am thinking of walking away from this house. Would the mortgage lender then go after my paid for house or as I am a UK resident go after my assets in UK? |
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billjames
Joined: 27 Mar 2009
Posts: 66
16.46 Dollars($)
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| Posted: Fri Mar 27, 2009 1:32 pm Post subject: |
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How much equity do you have in the house?
_________________
Mortgage Acceleration Payoff Calculator-within 3.5 seconds it will reveal your savings for your specific situation |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Fri Mar 27, 2009 10:25 pm Post subject: |
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Hi peter!
Welcome to forums!
If you walkaway from the property, then the lender would foreclose that property. If you cannot pay the deficient amount resulting from the sale of the property, then your lender can place a lien on the fully paid home. As far as your assets in UK is concerned, the lender will not be able to go after them.
Feel free to ask if you have further queries.
Sussane |
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worried123
Guest
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| Posted: Sun Jul 12, 2009 2:06 am Post subject: foreclosure |
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Hi Sussane
I also have a condo in the USA but am a UK resident and am finding it hard to keep up with all the payments. If I walk away and let the banks foreclose I am worried they will come after me for the deficiency payment. You said to Peter that the lender will not be able to go after my UK assets. Do you have anymore information on that or experience that they won't? Many thanks! |
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sam1
Joined: 12 Jul 2009
Posts: 3
Location: New York, NY
2.66 Dollars($)
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| Posted: Sun Jul 12, 2009 12:59 pm Post subject: |
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worried123 & peter-
Have you tried to approach your bank or lender with a discounted buy-back, or a short sale type of option? In my personal experience, I have seen foreclosures totally avoided as a result of a short-sale.
You have to put your shoes in the bank's prospective. The bank currently is in a situation in which they are about to take title or foreclose on a property. Banks and lenders are not in the business of owning real estate, they are in the business of lending money. If you approach them to purchase or buy-back the debt at a discount, they would be more than happy to entertain offers- since foreclosure is a fairly length process and contains a fair amount of "red-tape".
At the time of a short-sale, you can get another bank to take over the discounted debt or simply refinance the debt- since it is being offered at a discount.
If you have any questions or need further information on this topic, please feel free to PM or email me. I have personal experience with short-sales and have seen foreclosures being prevented. Send me a PM with more info, and we can discuss further. Thanks, and good luck.
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Sam Mishra
Lexington Equities
One Grand Central Place
New York, NY 10165
(646) 345-3113
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