You are here:
- Home
- Business
- Corporate Law
- Collections Law
- Foreclosure
Collections Law/Foreclosure
Advertisement
Question
I am considering to go foreclosure.My concern is can bank go after my 2 other properties.There is a some equity,how much?It is hard to appraise real estate these days.I am in Florida, foreclosure property is in a dade county and other 2 in broward county.
In most cases, with few exceptions, they can attach other properties. However, most lenders these days are forgiving deficiency balances. The problem is that you may be responsible for the taxes on the forgiven debt. If this is your primary residence you may also be forgiven for the income taxes. For more information go to www.irs.gov and look for debt forgiveness. You may also go to my website for some brief information go to www.financialemergency.com.
In order to avoid the damage to your credit by a foreclosure you may want to consider a short sale or deed in lieu of foreclosure. There is a process that needs to be followed but it is a common practice with most mortgage companies.
You will get mixed perspectives on line when investigating short sales or deeds in lieu so do your homework before deciding what to do. If you need direct intervention or someone to look out for your best interests feel free to contact me at 877 270 8204.
Thanks and good luck.
Related Articles
- Florida Foreclosures - Foreclosures in Orlando
- Deed in Lieu of Foreclosure - What is a Deed In Lieu of Foreclosure
- Foreclosures, Short Sales, REOs - Buying Distressed Homes: Foreclosures, Short Sales or REOs
- Short Sale - What is a Short Sale
- Deed in Lieu of Foreclosure - How a Deed in Lieu of Foreclosure Works
Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
©2012 About.com, a part of The New York Times Company. All rights reserved.