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Hello, I am having to forclose on a property in Florida and…

Customer Question

Hello, I am having to...

Hello, I am having to forclose on a property in Florida and was wondering if there was a way I can protect my assets so the usa bank cannot come after me?

Submitted: 14 years ago.Category: UK Law

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Answered in 1 hour by:

12/23/2008

Solicitor: PTS Law Ltd, Personal Injury Consultants replied 14 years ago

PTS Law Ltd, Personal Injury Consultants

Category: UK Law

Satisfied Customers: 2,270

Experience: APIL (Association of Personal Injury Lawyers) 1st Tier Expert

Verified

Dear XXXXXbo,

Can you please explain this a little more fully?

Mike

Customer reply replied 14 years ago

I have a mortgage with the BAC bank in usa for $105,000 and I was sold it with the idea of paying the mortgage with the rentals gained for the property.
This did not happen due to very poor rentals and I have been paying the morgage and all other asociated depbts using overtime as I was on a project in work and had plenty of overtime.
I have now changed roles in work and with the credirt crunch and the exchange rates I can no longer pay for the mortgage as I now have vertually no overtime at all.

I have missed Novembers payment and they are trying their best to sort out lower payments for me but unfortnatly I cannot keep this sinking ship afloat any longer as it is making me physically and mentally sick with stress.
BAC bank said if I do not pay the mortgage they will sell the property and come after me for my UK assets to pay the remaining debt.(worse case scenario)
My uk house is mortgaged to the full and my car is on HP what else can they come after me for as I only have my furniture.

I am married with two children 7 & 4 so I want all this to end and go away as it is really starting to effect the family and thats the last thing I want.

What can I do to secure any assets I have and what is the worst they can do to me if I forclose on the mortgage.

thanks for your help

James Hoey
07753831518

Solicitor: PTS Law Ltd, Personal Injury Consultants replied 14 years ago

Dear XXXXX

I take it that the Florida property is in your name alone and that the matrimonial home, here in the UK is in the joint names of you & your wife. If this is so, then her share of the equity (when there is any) is safe.

Other than to give you that small amount of comfort, there are no steps which I can advise you to take which would safeguard your position. Any attempts to set the property beyond your creditors could be set aside by Order of the Court and leave you in an even worse financial position. I do wish that I could offer you more in the way of comfort.

I hope that this answers your question and in that event, please click the 'Accept' button. If there are any points which require clarification I will be happy to continue the dialogue.

Feedback is helpful as it enables visitors to the site to assess the value of the advice available.

Best wishes,

Mike.

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