December 22, 2008
investor real estate asked:
We own a residential lot in Florida. We bought it for $475K in 2005, still owe 420K, and it now worth less than $200K. If we foreclose on the lot, what will happen? The auction won't bring anything even close to cover the $420K will still owe to the bank. Will they try and recoup the difference? Can they come after our personal residence? Can they garnish our wages? Any information is greatly appreciated.
We own a residential lot in Florida. We bought it for $475K in 2005, still owe 420K, and it now worth less than $200K. If we foreclose on the lot, what will happen? The auction won't bring anything even close to cover the $420K will still owe to the bank. Will they try and recoup the difference? Can they come after our personal residence? Can they garnish our wages? Any information is greatly appreciated.
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Filed under Renting & Real Estate by on Dec 22nd, 2008. 2 Comments. 
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