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I have a first and second mortgage that total over twice what

I estimate my townhome is...
I have a first and second mortgage that total over twice what I estimate my townhome is worth. I want to 'walk away' and rent an apartment. I am 3 years from retirement but may lose my job earlier due to health problems, which would result in an income drop. How long does it take to foreclose?
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7/22/2013
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,033
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Can you tell me in what state you are located. The foreclosure time line varies by state. Thank you!
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Customer reply replied 4 years ago


Florida

Thank you! Florida requires judicial foreclosures. The typical foreclosure takes 180-210 days after the lender issues a Notice of Default. The bank usually doesn't issue the Notice of Default until you've missed several payments. If you were to contest the lender's right to foreclose or if you were to file for bankruptcy protection, the process would take months longer.


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Richard
Richard, Lawyer
Category: Real Estate Law
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Richard
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,033
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

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