# Foreclosure: FLORIDA - help please!



## Simias (Sep 19, 2007)

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


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## Intercasa (Sep 18, 2007)

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.


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## Simias (Sep 19, 2007)

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


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## synthia (Apr 18, 2007)

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.


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## Simias (Sep 19, 2007)

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


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## synthia (Apr 18, 2007)

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


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## acez (Aug 6, 2009)

Simias,

can you tell me what happen next? did you forclosure? did the bank went after you? I'm in your same situation and I'm concern about what's next.

thanks.



Simias said:


> 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.
> 
> ...


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## Fatbrit (May 8, 2008)

acez said:


> Simias,
> 
> can you tell me what happen next? did you forclosure? did the bank went after you? I'm in your same situation and I'm concern about what's next.
> 
> thanks.


The original post was 2 years ago!

Is the house worth more or less than you owe? Considerably or just a little?


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## acez (Aug 6, 2009)

yes I know , all the posts that I found on other forums are questions and almost nobody post the results. I'm upside down 120K.

thanks



Fatbrit said:


> The original post was 2 years ago!
> 
> Is the house worth more or less than you owe? Considerably or just a little?


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## Fatbrit (May 8, 2008)

acez said:


> yes I know , all the posts that I found on other forums are questions and almost nobody post the results. I'm upside down 120K.
> 
> thanks


So -- probably time to mail them the keys and walk if you have no hope of making the payments. Lock the doors and turn off the utilities.

You're so far off that I can't see a short sale working.

If it's a US mortgage, they can probably sue you in civil court for the difference between what they get for it and what you owe if they so chose. Your US credit history will be toast. Luckily, there's no debtors' prison for those who don't pay their mortgage!


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