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How to Foreclose on real estate investment? |
We own a residential lot in Florida. We bought it for $475K in 2005, still owe 420K, and it now worth less than $200K. If we foreclose on the lot, what will happen? The auction won't bring anything even close to cover the $420K will still owe to the bank. Will they try and recoup the difference? Can they come after our personal residence? Can they garnish our wages? Any information is greatly appreciated. You don't foreclose; the lender does. If the lot sells for less than the value of the lenders' judgment -- which includes the mortgage balance, accrued interest, court costs & legal fees, they have the right to proceed against you for a deficiency judgment for the difference (unless you have a non-recourse loan which is almost certainly not the case). In that case the judgment can constitute a lien or serve as the basis for collection procedures as any other judgment. In some states they CAN NOT come after you if the property does not sell for the amount of the loan. Check with a local attorney. |
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