Foreclosure Real Estate Florida
Foreclosure Real Estate Florida
I need the advice of a Real Estate Agent or Lawyer PLEASE!!!!!! Foreclosure !!!!?
Hello…We have a mortgage on a home in Debary, Florida that is not worth what we owe. We also have a home in Howard, Ohio. My question is…they are separate mortgages but Charles Schwab is the mortgage holder of the both and the house in Florida we are thinking that we will have to foreclose on. Will they (the bank) place a lien on the second home in Ohio? Would we have to sell the second home in Ohio first before entering a foreclosure or will be be able to keep the home in Ohio without worry of the bank placing a lien or trying to take the Ohio home. Please advise. Thanks so much, Stacy
Technically, the two properties are not connected, and they can not lien the second property to pay off funds due on the first property.
Legally, they need to start the foreclosure process. Once they foreclose, then they will liquidate the property. Any difference between what they receive, and what you owed, technically is still owed by you. In most cases this difference is written off (“forgiven” ) by the bank, and you move on.
However, legally, they can attempt to get restitution, by suing you for the difference, obtaining a judgement, then liening the other property / bank accounts / garnishment. They can not however foreclose on the second property to get reimbursement, merely lien it.
So if they decide to lien you, it really doesnt matter if you have a mortgage with them or not. They can always lien any assets you have.
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