Foreclosure: FLORIDA - help please!

[Simias]

Sorry to bring gloomy news, but I'd like some help. I bought property in Orlando several years ago, but can't afford to keep the payments going. I asked the Bank if they'd accept a Deed in lieu of foreclosure, but they're not interested. I hate defaulting on my mortgage, but financially I can't keep it going.

I live as an European Expat in the Middle East and am not resident in the US.

Does anyone have any ideas what i could do please? I don't mind losing the poperty, but I can't afford to lose my job / further monies etc over this. It's a big worry, as i just got married and have a child on the way.

PLease, any help or suggestions would be much appreciated

regards

S

[Intercasa]

Sell the property or if you owe more than it is worth, then let the bank take it back. There normally are no bad repercussions except a black mark on your credit. You won't lose your job, excpet in very rare circumstances and normally they won't go after you unless you trashed the property or committed fraud.

[Simias]

Dear Intercasa,

Thank you very much for your help. I've started the process today and it's a weight off of my shoulders.

kind regards

[synthia]

Which process? I hope you are selling rather than going through foreclosure. The consequences of a foreclosure are a little more severe than that, unless of course you will not need to get credit in the US for the next seven years or so.

Besides which, if you have owned property in Florida for several years, you should have a tidy profit, as property values have boomed. So, if you initiated a process that means the bank is taking the property back, tell them you are going to try to sell first. They would prefer that, as they will make more money out of the deal.

[Simias]

Thanks for the reply Synthia,

I don't intend to buy more property in the US. i tried selling since Xmas but with 200 people with similar properties on the same development trying to do the same thing, it's a no go for at least another 2 years. I asked the Bank if they' d take a Deed in lieu of Foreclosure, but they're being taken over and aren't interested. I can't afford the huge mortgage AND massive local taxes.

Thanks for trying to help

[synthia]

I'm sorry you aren't going to be able to sell. It sounds as if you are really in a bind.