How to protect assests from foreclosure judgments that may arise

New York, NY Viewed 100 times. Posted about 1 month ago in Foreclosure

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? - Is this your question? Add additional information

Answers (1)

Ahmad Tayseer Sulaiman

This attorney is licensed in Illinois. Posted 30 days ago.

Please consider a Deed In Lieu of Foreclosure. Essentially you will be giving the property back to the bank in exchange for a full release. Please visit Sulaimanlaw.com for a full explanation. Failing that you would try a consent foreclosure, essentially the same thing but it is done through the court. Both procedures are outlined in the Illinois Mortgage Foreclosure Act. Please hire competent counsel to achieve this goal because if your state has such provisions it will defend against any deficiency judgment concerns later.

Deed In Lieu of Foreclosure