What would be the actual long term consequences of letting a property go to foreclosure beyond the obvious of credit damage , loss of down payment and equity . Have fun Shelly .
JB
Replies
36
Beach Fanatic
I would get advice from a good Florida foreclosure attorney. The peanut gallery may not be the best place to get advice from on such a serious issue. I have been told Lewis & Jurnovoy give good free advice. There number is 850-863-9110.
Watch their TV show on Sunday night.
SoWal Insider
Actually if someone files for BK they are a better credit risk because they owe nothing. If they go 7. 13 a little tricky. :yikes:
The new bankruptcy laws made it much more difficult to file for Chap 7...if you make above the median income in Florida (just south of $36K for a single and $60K for a family of 4) you'll be put on a payback schedule under Chapter 13.
.
Beach Fanatic
The new bankruptcy laws made it much more difficult to file for Chap 7...if you make above the median income in Florida (just south of $36K for a single and $60K for a family of 4) you'll be put on a payback schedule under Chapter 13.
.
True, but how many Floridians bought in the RE Frenzy? Most docs I see they are out of towners.
SoWal Insider
Watch their TV show on Sunday night.
....especially if you are having trouble falling asleep. Their monotone droning is serious competition for the makers of Lunesta?..:sleeping:
.
SoWal Insider
True, but how many Floridians bought in the RE Frenzy? Most docs I see they are out of towners.
Same rules apply for Chap 7 "means test," but using their home state's median income.
<BTW, more than 1 or 2 Floridians got caught up in the frenzy too>
.
Edited
Beach Fanatic
....especially if you are having trouble falling asleep. Their monotone droning is serious competition for the makers of Lunesta?..:sleeping:
True. I see you watch it also.
SoWal Insider
....especially if you are having trouble falling asleep. Their monotone droning is serious competition for the makers of Lunesta?..:sleeping:
True. I see you watch it also.
Actually, I caught the last 5 minutes of it one night while I was waiting for Ron Popeil's Showtime Rotisserie ("Set it, and forget it!)...I dozed off and when I finally woke up Chef Tony was hawking the Pasta Express!!!:bang:
.
Edited
Beach Fanatic
Same rules apply for Chap 7 "means test," but using their home state's median income.
<BTW, more than 1 or 2 Floridians got caught up in the frenzy too>
.
Ah, but the equity is protected by Florida Constitution.
SoWal Insider
Ah, but the equity is protected by Florida Constitution.
What equity?? :confused:
Most of those now heading into foreclosure have "harvested out the equity;" HELOCed it to kingdom come with overblown appraisals; or did an 80/20 with Zeeero down.
.
Beach Fanatic
What equity?? :confused:
Most of those now heading into foreclosure have "harvested out the equity;" HELOCed it to kingdom come with overblown appraisals; or did an 80/20 with Zeeero down.
.
What foreclosures?
Beach Fanatic
....especially if you are having trouble falling asleep. Their monotone droning is serious competition for the makers of Lunesta?..:sleeping:
Luuuu-NNNeSSSSSS-Taaaa (woops...random thought...😀 )
Checking your forum account
Please wait while we verify your forum account.