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HELP! I own a condo in Weeki Wachee, Florida; purchased it 4 yrs. ago for 100,000; put 25,000 down and renovated and decorated it. I assumed I would be spending my senior winters there, but alas........My living circumstances have changed and I needed to purchase a home in New Jersey last year, couldn't find a job and can't afford both mortgages. (My primary residence has always been in NJ.) It was listed for rent but it didn't happen; it went on the market as short sale 4 months ago listed at 40,000; the bank countered at 44,000, deal fell through. I haven't paid the mortgage on the Fla. property for the past 4 months, but I've still been paying the maintenance fees and utilities. I can't even do that much more.....the balance of the morgage is 70,000. I need to know if I "walk away" would any attachments of liens be placed on my NJ property and/or any savings I have been living off.....no one seems to know for sure what will happen......can you help???

smithsussane · Posted: Wed Sep 08, 2010 8:13 pm Post subject:

Hi rocap!

Welcome to forums!

If you walkaway from your property located in Florida, the lender will foreclose it. After the foreclosure, the lender will be able to come after you for the balance amount resulting from the sale. If you don't pay the balance amount, the lender can place a lien on your other properties located in Florida. However, if he wants to place a lien on your property located in New Jersey, he will have to file a lawsuit in that state and get a judgment against you.

Feel free to ask if you've further queries.

Sussane

millamenache_ece · Joined: 20 Jun 2010 Posts: 24 6.36 Dollars($)

He will have to get a judgement on the property in NJ to get a lien against your property

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ramifications from out of state foreclosure....?