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Old 09-24-2010, 08:46 AM
 
792 posts, read 2,293,453 times
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As the title implies, i'm mulling this over, since i'm about $60K underwater on my mortgage.

I'm interested in the legal ramifications of foreclosure as well as the process, how it works, peoples own stories, etc. Should I hire a lawyer? Can they sue me? that sort of thing.

I'm NOT interested in your moral judgements. If that's all you can offer, please don't respond. This is purely a business decision.
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Old 09-24-2010, 09:55 AM
 
1,500 posts, read 3,335,727 times
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Not offering judgment upon you but upon business. Since businesses are in so many ways as privileged (if not more so) as people (they buy & sell property, contribute to political campaigns, etc), they should be held at least to personal standards.

Meanwhile, Florida is a recourse state which means that your lender can sue. So yes, you probably should get a lawyer.
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Old 09-24-2010, 10:09 AM
 
792 posts, read 2,293,453 times
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Quote:
Originally Posted by housingcrashsurvivor View Post
Not offering judgment upon you but upon business. Since businesses are in so many ways as privileged (if not more so) as people (they buy & sell property, contribute to political campaigns, etc), they should be held at least to personal standards.

Meanwhile, Florida is a recourse state which means that your lender can sue. So yes, you probably should get a lawyer.
Thanks for the input. I think the point of the lawyer is so that they can file bankruptcy 13 protection for you so that the lender can't pursue additional monetary funds after the foreclosure.

is that correct?
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Old 09-24-2010, 10:24 AM
 
Location: Imaginary Figment
11,449 posts, read 14,471,535 times
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How about the ramifications for the rest of the community? Guess it's all about you huh?
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Old 09-24-2010, 10:32 AM
 
792 posts, read 2,293,453 times
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Quote:
Originally Posted by SLCPUNK View Post
How about the ramifications for the rest of the community? Guess it's all about you huh?
yes, it is all about me. Sorry

Now, read what I said originally. I'm not interested in peoples morality judgements.
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Old 09-24-2010, 10:54 AM
 
1,500 posts, read 3,335,727 times
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Quote:
Originally Posted by stpeteguy View Post
Thanks for the input. I think the point of the lawyer is so that they can file bankruptcy 13 protection for you so that the lender can't pursue additional monetary funds after the foreclosure.

is that correct?
Please note that I'm not a lawyer and have never been in such a situation so I only have some ideas from what I've read & heard and I do not know how accurate much of even that is.

To your point, I thought that one of the advantages of 13 was not to protect you after foreclosure but to protect you from foreclosure.
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Old 09-24-2010, 10:59 AM
 
Location: Miami
242 posts, read 315,890 times
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Quote:
Originally Posted by stpeteguy View Post
As the title implies, i'm mulling this over, since i'm about $60K underwater on my mortgage.

I'm interested in the legal ramifications of foreclosure as well as the process, how it works, peoples own stories, etc. Should I hire a lawyer? Can they sue me? that sort of thing.

I'm NOT interested in your moral judgements. If that's all you can offer, please don't respond. This is purely a business decision.
Well since this is a public forum and since I'm not breaking the TOS, I'll give you my opinion anyway. I have sympathy for those who lose their jobs or cannot pay their mortgage anymore through no fault of their own, but I have little sympathy for those who do it as a "business decision" (as you put it). Maybe I'll just go ahead and stop paying my credit cards and my student loan and call it a "business decision"? I mean, it'd be a lot easier just to stop paying. Such recklessness often ends up hurting all of us, in the long run.

If you don't want moral judgments, talk to a lawyer.

Last edited by Your.Decision; 09-24-2010 at 11:24 AM..
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Old 09-24-2010, 11:11 AM
 
8,289 posts, read 13,570,586 times
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Well your credit will be ruined for years and is even much worse than a bankruptcy. Is there anyway you can try a loan modification program instead? The mortgage company can as stated above hold you accountable for the difference and sue. Now imagine if they do sue and win and they garnish your wages too.
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Old 09-24-2010, 11:27 AM
 
17,537 posts, read 39,154,399 times
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It is my understanding that lenders are very likely to sue when they determine a foreclosure was a strategic default. If you have any second mortgages, it is almost guaranteed. They have 5 years in Florida to sue you.

As mentioned by the poster above, they can garnish your wages, or take assets. You definitely need to speak to a lawyer if you are considering this. Is there a reason you are not trying to do a short sale?
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Old 09-24-2010, 11:39 AM
 
12,017 posts, read 14,337,386 times
Reputation: 5981
I can see why the OP feels the way he does.... things would have been a lot better in this country if mortgages were non-recourse and everyone had to have a downpayment of at least 20%....

The 7 Words That Will Save America

Quote:
I support these walkers wholeheartedly. Why? Because they're following the law, and laws that help you shouldn't be ignored, even if you think they're outrageous. When someone offers you money, take it. And when the law allows you to walk away from a debt, do it. That's rational behavior.
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