I have a few questions regarding Florida Deficiency judgements .
I would like to know if:
- does anyone have any specific experience with what information they can use to determine if you are "worthwhile" to go after?
- do they have review boards that periodically check in on you to determine if you are worthwhile to sue? do they run credit checks periodically to check up on you?
- what would they specifically be looking for on a credit check that would be a red flag?
- from what i have read, it sounds like if I can live under the radar of credit for 5-7 years (assuming they don't file for an extension) then I have a very good chance of them not going after me?
it sickens me that i pay $36,000/yr to live in my house and not touch principle (technically when you calculate i'm saving about $6K in taxes, and rent will be about $10k, the offset would be about $20K). not to mention it's in a city my wife doesn't want to be in (she wants to be in her home town with her family). i've sunk $110k cash into the house already (bought it at $472k). i owe $370k and it's probably worth $285k if it had to sell fast. i haven't lost my job like so many heartfelt stories on this board, but i also do not see a light at the end of the tunnel for me. i know it sounds sad, but i think i'm at the point where i'm fully willing to pay cash for (used)cars, couches, tv, rent from someone who won't do a credit check, pay higher auto insurance rates, come up with deposits on utility hookups, etc. i just don't see how my credit is worth $80-100K (if i owe 370 and sell it for 280, etc) and the month after month mortgage payments without even touching principle.
if you are still reading by now, yes, i have made a very bad decision by purchasing the house in the first place. but now it's about collateral damage and calculated risk and i'm hoping some folks can give me some input.