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Foreclosure/strategeic default


I live in Gainesville Fl. What happens if I stop making payments on the home I'm in now. I'm doing it so I can allow room for a new home. I want to move back to Maine and have a home already picked out. So I know it goes against my credit, what else? Will they come put me in jail ect? sue me in cour? Clayton Bank and Trust holds the mortgage

Hey Joyce,

You have some good questions. First of all if you are looking to buy in another market place then you can't go late on the one that you are in or you won't qualify for the next one. If you aren't going to buy another home where you are moving to then it really doesn't matter. If you buy the home in Maine first and then default on the other one, that is what a lot of people do to get out of there current upside down situation.

Do you owe more on your home then what it is worth? IF you have equity then they will just use the house as collateral to pay off the mortgage. If you are upside down then there will be a deficiency. This deficiency can be forgiven or they can sue you for it. They can't throw you in jail for it. If they sue you they can get a judgement, which then it will follow you for 6 years or they can garnish wages etc.

If you need to get out of that house, I have people that will buy your house. If a short sale needs to be negotiated,I have people for that too in Gainesville. There is really no reason to let it foreclose. We just need to make sure that things are done in the right order. IF you would like help figuring this out then please send me an email at I will help you get lined up with the right people. Hopefully this helps.

Brian Pitcher


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Brian Pitcher


I can answer all questions in regards to short sales, strategic default, foreclosures, loan modifications, and most questions regarding real estate law.


I have closed well over 100 short sales in the past 3 years and that is the work we primarily do. We teach people how to keep their home if they can or how to bail on it in the best possible way without any recourse. I have taught many public seminars to accountants, loan mod counselors, attorney's and also many other real estate agents all over the country. I also know how to deal with the very tough second mortgages in the negotiations as well as mechanic liens and default judgements.

I have a bachelors in Spanish with a minor in Economics from the University of Utah. I have also been a Realtor for 8 years closing well over 200 transactions. I am a KW instructor for Short Sales and Foreclosures.

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