forclosure

[goldwing]

i bought a house in fl. in 2006 for $248,000. owe $199,000.worth $130,000 now. Moved to s.c in 2010 and bought a house(no equity)I have stock,401k and IRA account,car and truck. What can bank go after if I forclose on house in fl.?

 

[army judge]

i bought a house in fl. in 2006 for $248,000. owe $199,000.worth $130,000 now. Moved to s.c in 2010 and bought a house(no equity)I have stock,401k and IRA account,car and truck. What can bank go after if I forclose on house in fl.?

You can't foreclose on your home.
The bank brings the foreclosure action.


The bank might be able to go after your car and/or truck, if you own them outright. If they have liens against them, they'd be off limits.

I doubt they'd go after you for anything, being that upside down on your Florida home.

 

[FlaRiptide]

Hire a real estate agent familiar with "Short Sales". It may take an extended time to get the bank to accept a short sale and also to find a buyer. Yet, once accepted and sold, your "forgiveness of debt" will be tax free due to the Mortgage Debt Relief Act of 2007.

Your credit will still be dinged, yet your headaches will be fewer.