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  1. #1
    Join Date
    May 2009
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    3

    Default Effect of Foreclosure on Properties in Another State

    My question involves a foreclosure in the State of: Florida

    Hello,

    My husband and I own a total of 4 properties. A house and an apartment in FL and another house and an apartment in NC. Both properties in NC have equity, the house is nearly paid off and the apt is completely paid off. My place of residency is the house in FL. Both properties in FL we are upside down in. I have already received the foreclosure paperwork for the house in FL since the mortgage has not been paid for the last 6 month. I have 2 cars under my name which are both being financed and are current. My concern is that if everything goes through with the foreclosure on the house, can they come after the properties with equity in North Carolina? Can they come after the cars?

    To make matters more complicated my husband and I have been seperated for the past 7 months and is just now getting legal representation to begin a divorce. We have a collective amount of 65000 in credit card debt. We have been married for 25+ years, if it makes any difference. The only reason I mention this is because I wonder if anybody has any idea on how the properties and debt-to-equity would be split?

    Thank you for the help in advance.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    74,832

    Default Re: Effect of Foreclosure on Properties in Another State

    If you have the resources to satisfy a deficiency judgment, and your lender chooses to go after one, I expect that your lender would pursue any assets they can reach. You need to work through this with your divorce lawyer, as you want to make sure that to the maximum extent possible these issues are resolved in the divorce - otherwise you could find that creditors are pursuing you for your husband's "share" of a joint debt even though you've paid your share.

  3. #3
    Join Date
    May 2009
    Posts
    3

    Default Re: Effect of Foreclosure on Properties in Another State

    Quote Quoting Mr. Knowitall
    View Post
    If you have the resources to satisfy a deficiency judgment, and your lender chooses to go after one, I expect that your lender would pursue any assets they can reach. You need to work through this with your divorce lawyer, as you want to make sure that to the maximum extent possible these issues are resolved in the divorce - otherwise you could find that creditors are pursuing you for your husband's "share" of a joint debt even though you've paid your share.

    the truth is that there is very little credit card debt in which both of us owe, most of it is individual credit card debt. if we distribute the properties this way; house= me, fully paid off apt=him, underwater house= remains both our names, fl apt= him. if i move to NC and make the house my primary residency would the bank follow up place a lien?

    that is what concerns me the most with this plan. thank you for your response, and forgive me if i dont know all the proper terms.

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