Hello everyone. My parents purchased an investment property in Florida.
They're mortgage will reset in 2010. They never planned on keeping the property. Once it resets, it will be very tight on their budget.
They are older and are not very worried about a foreclosure's effect on their credit or career.
They are worried about a deficiency judgment. The property is located in Florida. ALL of their assets are in NY.
My question is, can a foreclosure in FL affect their assets in NY? Assets of vehicles, property and savings. They are holding the mortgage on property that they sold a few years ago in NY. They are extremely worried about this. Would moving assets into other family members names be a good idea?
