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my husband and i can no longer take care of the house and property…

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my husband and i can...
my husband and i can no longer take care of the house and property due to our health.we wish to move .house is financed through a finance company.do we let them forclose and go thruthat process.i think years back we used household items for coladeral,but over the years have yard sales and have given some away. when they forclose do we owe them that to?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 11 minutes by:
6/12/2010
Real Estate Lawyer: Dimitry Esquire, Attorney replied 8 years ago
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41,221
Experience: JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
Verified
Thank you for your question.

Florida is deemed a "recourse" state, meaning that lenders have the ability to pursue a claim against you for whatever is owed once you move out (that is called a "deficiency"). If you walk away, the lender can take over your property via a foreclosure and then sell it to recoup their losses. If the auction price is lesser that the debt, they can pursue you for a deficiency judgment. In it, they can force you to pay them the difference, and they can go after whatever collateral you have attached to the property.

Good luck.

Edited by Dimitry Alexander Kaplun on 6/12/2010 at 8:12 PM EST
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