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Old 10-07-2008, 02:07 PM
 
72 posts, read 198,924 times
Reputation: 39

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I live in Florida. I have a home and a rental property. The rental property is going to be foreclosed on. Can the mortgage company put a lein on my homesteaded home for a difference in the amount in which it is sold for and what would still be owed??

I have been out of work for a year now.. Will that same mortgage company obtain a judgement and make me pay back the difference between what the rental property sells for and what I would still owe?
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Old 10-07-2008, 04:12 PM
Status: "In my anti Corona hidey hole......." (set 1 day ago)
 
Location: North Central Florida
5,411 posts, read 6,440,693 times
Reputation: 3222
I'm pretty certain they can, indeed, place a lien on any thing of any value you own. Any real property you own, is likely the first thing they would attach. Of course there are variables, like how much actual equity you have in your homesteaded property, etc., etc., etc.
All of those variable need to be taken into account, to establish your eventual liability, and of course the most important factor will be, how much the foreclosed property ends up selling for.
Now for the disclaimer, this is just all my "layman's" opinion. I am not licensed to practice law, so take what I say as being worth what you paid for it.
For matters such as these, it is in your best interest to obtain the services of a real bona fide, licensed legal practictioner. In short, hire an attorney, disclose ALL info he/she deems necessary to have, and he/she can advise you further. DO NOT base any "legal" decisions on "advice" you get on a message board, or forum. Best of luck.
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Old 10-07-2008, 04:20 PM
 
27,079 posts, read 54,313,807 times
Reputation: 21277
Really need someone with Florida advice...

Here in CA... a purchase money first loan is said to be non-recourse... in other words, the property itself is the only security.

Once a property is refinanced the loan is no longer a purchase money loan.

I had a friend that was in charge of the REO department of Sumitomo Bank in San Francisco and he is the one that explained this to me.

He was always amazed that people were so quick to give-up the built in protection by refinancing.

So... I would ask is the loan in question recourse or non-recourse.
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