Villa Foreclosures
What are the consequences of initiating a non-judical foreclosure on a cond that my husband and I own?
My husband and I recently moved to FL because my husband found a job here and I always wanted to live here. The problem is that we purchased a Villa here and we still own a condo in VA. We are barely making ends meet right now and his company is now talking about downsizing. We cannot refinance because we have no equity in the home . We cant seem to get any good info on the short sale and are thinking of going with non-judical foreclosure. Do we have to be behind on payments to do this? Can the Mortgage Co legally place a lein on our current property or garnish either of our wages if the property sells for less than what is owed which we know it will.
A mortgage lien applies only to the property which secures it. Laws differ among states, but in California, a foreclosure by trustee’s sale satisfies the debt. I assume that you want to shed the Virginia property, and that it can’t be sold for as much as the mortgage on it; talk to the lender about a deed in lieu of foreclosure.
Bank Foreclosure $184900 Villa Sarasota FL
