foreclosure broward county
Foreclosure on main property??
My mother owns a second home in another town (15 minutes away) and she is right now forced to foreclose on that property immediately. The summons about this arrived today.
!!!! Will her main home (which we all live in) be affected by this???? Broward County, FL
No it will not. I see this question all the time. Let me ask you – if you don’t pay the loan on one car, is your other cars in danger of being repo-ed as well?
The answer is no – the bank only has claim to that single peice of property. What they can do is try to file a deficiency judgement against your mother for whatever losses they incurred as a result of non-payment and the foreclosure. They may also turn in a 1099 recorded those losses as income to your mother, so that she be accountable for it at tax time.
There are a couple of ways to avoid this situation. See if you can do a quick short sale on the property. Find a way to reinstate the loan, and then find a way to sell the property. Or if all else fails – do a “deed in lieu” (basically means give the deed back to the bank in lieu of the bank having to foreclose – saves the bank money and time, and saves your mom from going through a foreclosure and having a deficiency judgment and 1099).
Contact a Real estate attorney for a quick consultation for more info.
