What happens after a foreclosure (FL)? - Loan Modification Forum

theylive · 03-02-2009, 02:19 PM

I have an 80/20 w/CW, a conversion condo that I paid $107,500 for three years ago in NE FL that is my primary residence. Nothing has sold in last year in my complex (comps listed @ in the mid $70's) except foreclosures rumored going in the $40's. Long story short it's turned into a less than desirable neighborhood. I want to walk, spoke to an attorney, and He said CW "might" write off the first loan and come after me for the second.

What I'm worried about is say it sells for $45k, are they going to come after me for the $62,500? -The difference from $107,500? I know they have 5 years to do so, if they do come after me, what can I do, besides waving the BK in their faces? Thanks!

Moe Bedard · 03-02-2009, 05:02 PM

you already have a thread going in the DIL section of the forum with similar questions that Professor Shays has already answered............
Have I been flagged by CW?

03-02-2009, 02:19 PM	#1 (permalink)
theylive Senior Member Join Date: Feb 2009 Location: Florida! Posts: 35 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What happens after a foreclosure (FL)? I have an 80/20 w/CW, a conversion condo that I paid $107,500 for three years ago in NE FL that is my primary residence. Nothing has sold in last year in my complex (comps listed @ in the mid $70's) except foreclosures rumored going in the $40's. Long story short it's turned into a less than desirable neighborhood. I want to walk, spoke to an attorney, and He said CW "might" write off the first loan and come after me for the second. What I'm worried about is say it sells for $45k, are they going to come after me for the $62,500? -The difference from $107,500? I know they have 5 years to do so, if they do come after me, what can I do, besides waving the BK in their faces? Thanks!

03-02-2009, 05:02 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens after a foreclosure (FL)? you already have a thread going in the DIL section of the forum with similar questions that Professor Shays has already answered............ Have I been flagged by CW? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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