Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hi and welcome to JA. Ray here to help you .
You can try to resolve this with the builder.They would likely want to keep any funds put down.They would likely want buyer to do a deed in lieu where you deed it back to buyer and they do not attempt a deficiency judgment if more is owed here than house is worth.
Florida has judicial foreclosure through the courts so it is in your interest to seek resolution and deed in lieu here as well to prevent a judgment against you.Your first step is to contact builder and be straight about your problems and need to resolve this.Believe me you are not the first person that has had such problems.
I appreciate the chance to help you today.Thanks again and the best here.
I wish you a Happy Easter too.
Ask them point blank about a deed in lieu here--you deeding it back and they avoid foreclosure.If they foreclose here in Florida through the courts there is always going to be a deficiency if you owe more with legal fees, etc than it sells for .Ask about a deed in lieu here to see if that is an option.
Deed in Lieu explained.Thanks again.
So here you just take your lumps and let it go.The builder here can take it back and they may get a judgment on you if they will not accept say deed in lieu.Thanks again. This would be breach of contract if you don't close on it and they can sue you.I understand why you don't want to go through with it here given your situation.I would stash my funds here in a safety box for awhile so they don't get at them with garnishment.
I appreciate the chance to help you today.I also wish you the best here.Thanks again.
Here's the deal interest is nonexistent, so taking funds out and putting them into a safety box for awhile is a safe play.They would be more likely to accept a deed in lieu here if you do.You look way too prosperous here--although I fully understand you are not at the moment.If you do decide to back out then you want to hide assets from bank levy by the creditor/builder.
Your other option is to pay off the house and flip it, you might take a loss here but you would get something close to what you paid because it is a new property.It leaves you thin for awhile here though.
I wish you the best . I will say a little prayer for you and your family.
If you can positive rate it is much appreciated.