InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Disagree with Al's premise. Posted by Dru on April 25, 2008 at 10:48 AM In Reply to: Disagree with Al's premise. posted by Jinger on April 24, 2008 at 12:39 AM : : As you said - you made mistake. Stop paying right now, after 60 days missing payments let the bank take it. You will have FK on your record, but who cares?? : : You will owe nothing to anybody, as our goverment gives you forgiven debt tax free. In effect you had a housing option which failed. That was an investment for you, and it did not work out. Investments sometimes do not work out. Espetially with a lot of leverage. : : Since it's assumed the lot (and the developer) are in Florida, isn't his Kevin's mortgage subject to the laws of Florida? : The quick link on the side of this site under 50 State Foreclosure Basics says that Florida is a mortgage state (5 months to do a Judicial Foreclosure) AND THAT THERE IS DEFICIENCY ALLOWED DEFICIENCY is allowed here in NV as well. But as I understand it they can't seek deficiency on a first that has never been refinanced. I'm no lawyer or anything, just throwing something into this discussion. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : As you said - you made mistake. Stop paying right now, after 60 days missing payments let the bank take it. You will have FK on your record, but who cares?? : : : You will owe nothing to anybody, as our goverment gives you forgiven debt tax free. In effect you had a housing option which failed. That was an investment for you, and it did not work out. Investments sometimes do not work out. Espetially with a lot of leverage. : : : : Since it's assumed the lot (and the developer) are in Florida, isn't his Kevin's mortgage subject to the laws of Florida? : : The quick link on the side of this site under 50 State Foreclosure Basics says that Florida is a mortgage state (5 months to do a Judicial Foreclosure) AND THAT THERE IS DEFICIENCY ALLOWED : DEFICIENCY is allowed here in NV as well. But as I understand it they can't seek deficiency on a first that has never been refinanced. I'm no lawyer or anything, just throwing something into this discussion. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455