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Due to a divorce, my home in Florida is in foreclosure. We are trying to short sale the home, but the mortgage company has drawn the process out (since March) and the buyer is ready to leave. Should I just expect a foreclosure? My credit is perfect except for this house. I am now a student living off the Montgomery GIBill and can't afford to pay any of the fees. What will happen if it is foreclosed? Bancruptcy?
State/Country relating to Question: Maryland Already Tried: working with the bank and mortgage company
<p>Good evening to you. I can understand your frustration over this process. It's happening over and over and over in this country. </p><p> </p><p>The most likely end result of this is foreclosure. Though Florida is a deficiency state...meaning that the lender could pursue you for any deficiency between the debt amount and the sale proceeds, if you are judgment proof (i.e., no assets that aren't exempt under a bankrupcy proceeding), the lender is not likely to spend the time and money to pursue a deficiency judgment and collection when collection is in doubt. If the lender were to do so, you could have the judgment erased through bankruptcy. </p><p> </p><p> </p><p><em>I hope this has given you the guidance you were seeking. I wish you the best of luck!</em></p><p> </p><p><em> If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would <u>please click the GREEN "ACCEPT" button </u></em><em><u>NOW</u></em><em>, so that I receive credit for my work; otherwise, though you've made a deposit, I do not receive credit.</em></p><p> </p><p><em> If you need additional clarification on this question after clicking ACCEPT, please don't hesitate to click "Reply" and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you. </em></p><p> </p><p><em>The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.</em></p>
Basically you're saying that if I don't have many assets (which I do not but my ex-husband does) then I will not have to pay the difference and therefore not have to file bancruptcy. If they do expect payments, I will have to file bancruptcy in order to have the debt erased. Could they go after him for collection and not me? How can I better guess if they will or will not pursue me for deficiency?
<p>That's basically it. Unfortunately, there is no black and white rule as to whether or not the lender will pursue you, but my experience over the last couple of years with the level of foreclosures so high, that most lenders look at this as a business decision and if collectibility is in doubt, they simply take the property and move on. Some lenders just pursue everyone no matter what. Unfortunately, that's the best guidance I can provide you. </p><p> </p><p><em>I hope this has given you the guidance you were seeking. I wish you the best of luck!</em></p><p> </p><p><em> If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would <u>please click the GREEN "ACCEPT" button </u></em><em><u>NOW</u></em><em>, so that I receive credit for my work; otherwise, though you've made a deposit, I do not receive credit.</em></p><p> </p><p><em> If you need additional clarification on this question after clicking ACCEPT, please don't hesitate to click "Reply" and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you. </em></p><p> </p><p><em>The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.</em></p><p> </p>
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