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On a foreclosure of a Florida property, would the deficiency judgement be able to collect from the equity on my primary home.

Gouldsboro, PA |

I am going into foreclosure on a property I bought in Fla. just before the market fell. I cannot afford the payments and the HOA fees. I am concerned about my home in Pa. and also my IRA.

Attorney Answers 2


You have some options. For example, you may consider a deed-in-lieu of foreclosure, in which the bank agrees to accept a return of the property as payment in full of the balance. Once the property is transferred, your obligation to pay future HOA fees ends. However, you should review any deed-in-lieu with an attorney to make sure the mortgage lender is waiving any deficiency judgment.

Another option, if you qualify, is to surrender the house and discharge the deficiency on whole or in part in Chapter 7 or Chapter 13 bankruptcy. In the alternative, it is sometimes possible to reach a negotiated settlement with the bank to waive the deficiency or accept a much smaller amount than the balance. You may wish to discuss your options with a local foreclosure defense and bankruptcy attorney.

Answers to any question on this forum are for general information purposes only and do not constitute legal advice or establish an attorney-client relationship between Harborstone Law Group or its attorneys and you. This type of forum cannot substitute for a consultation with an attorney.

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If the judgment is transferred to PA (an easy task) the lender can pursue your assets here in PA. Your IRA is generally safe.

DISCLAIMER The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the Commonwealth of Pennsylvania. Responses are based solely on Pennsylvania law unless stated otherwise. When answering questions on AVVO, attorneys are prohibited from directly soliciting business. Don't take this as an indication of lack of interest. Follow my answers to other questions on Twitter @LandLawyer James S. Tupitza 212 West Gay Street West Chester, PA 19380 610-696-2600

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