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Under Florida state foreclosure laws can a debtor face to lose personal property and other assetsI would like to know what assets would be taken during/ after a foreclosure other that the property itself. Retirement funds, personal business stocks, primary residence, automobiles, etc. The properties x2 in question are investments that I am upside down in and am looking for answers. State of Florida, down 100k+ on 400k and down 75k+ on 240k. Primary res. has good equity. Attorney answers (2)
Reputation Level 15
Answered over 3 years ago.
Divorce / Separation Lawyer in Quincy, MA.
Note that I am not licensed to practice in your state.
A foreclosure is a process by which a bank takes control of the collateral that they used to secure your loan. Once they have that collateral back, they cannot take what they did not secure. In short, they cannot take your retirement funds, stocks, automobiles, or any other house. However, if at the foreclosure sale, they can't get enough money to cover the amount that you owe them, you will still owe them for the difference. Even though they cannot foreclose or repossess another of your properties, they have the right to sue you and try to place a lien on another home. They cannot foreclose on a lien but when you eventually sell that property that they placed a lien on, they will have the right to collect a portion of those funds. 5 people marked this answer as good
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Reputation Level 18
Answered over 3 years ago.
Foreclosure Attorney in Boca Raton, FL.
The end result of the foreclosure process is loss of the property that is collateral for the debt. The remaining difficulties that can result pertain to a personal judgment deficiency judgment for the total debt owed on the foreclosed mortgages. The Lenders generally include all of the mortgage balance, legal fees, costs, advances, etc. etc.
Equity in your personal residence may be exempt if it is your homestead, depending on how long you owned it, and how much it is. Exisiting retirment funds are normally exempt. Other assets are normally not exempt, and wages can also be subject to garnishment if you have wages. HOWEVER, there may be many things you can do on a proactice basis to prevent or to minimize your risk, EVEN if you are not paying these mortgages. This is a complex area of law. There are many attorneys in Florida now who are trying to assist people with foreclosure related issues, but there are numerous issues for which you need someone who really knows this area of law extremely well. We do not charge for an initial consultation. If you want me to review your situation with you and to give you my input as to potential strategies, my contact info. is on my website, www.golantlaw.com 2 people marked this answer as good
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