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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
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Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I own property in Florida. I live in California. My ...

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I own property in Florida. I live in California. My properties in Florida are worth substantially less than what I paid for them. If I default on those properties, can the lenders come after my personal assets or do the properties stand for the loans?                 Allan M. Harris ([email protected])
Submitted: 8 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 8 years ago.
If you default on the properties, no matter where they are located, the lenders can and will come after your assets where ever you hold them. They will generally foreclose on the properties and sell them and you will be liable for the difference between the outstanding loan balance and the sale price. One thing you could do is contact the lenders and see if they would be willing to allow a "short sale" meaning you would sell the property for less than the loan amount and they would agree in writing to forego the balance on the loan above the sale price.

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