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g00glegail · Joined: 23 Jan 2009 Posts: 3 2.42 Dollars($)

Hi, I am foreclosing on a property that I purchased in 2005. I tried loan modification w/ the bank and they said I was not eligible b/c I was up-to-date w/ payments. So, I stopped paying, after 4-5 mos, I requested for a loan mod & I was told that it was too late, I am in the foreclosure process. I want to try to short sale the property... I don't know how. But, my main concern is that I have 2 other properties in my name... One property is florida homesteaded (my parents live in & have been paying for the mortgage, in fact my father has been claiming the taxes on it since 2002), the other property I owned since 1996 is not homesteaded. I want to save these 2 properties from being affected by the foreclosure! What can I do?

Can I sell the property that my parents live in to my father and still hold the mortgage? Would that protect it? I don't want any liens placed on that property.

On the 2nd property, can I add my sisters to the title, so they can file for homestead? They actually do live in the home.

I don't know what to do!

jenkin7 · Posted: Sun Oct 11, 2009 11:19 pm Post subject:

Hi g00glegail,

If the foreclosure sale fails to pay off the outstanding loan balance in full, the lender will come after you for the deficient amount. They can even sue you for the non-payment of the deficiency. They can put liens on your other properties. Is the house, that is being foreclosed, your primary residence? Is the mortgage you defaulted on a purchase mortgage? You can then check out the anti-deficiency laws of the particular state. These laws provide the borrowers with protection from the deficiency judgments.

You can sell your property to your father. But the fact that you have an existing mortgage on the property might prevent you from doing that. The lender might want your father to refinance the loan in his name. You cannot sell the property and hold the mortgage in your name simultaneously. You can add your sister to the title and she can apply for homestead if she uses the property as her primary residence.

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I am foreclosing on a property, how can I save my other properties?