Asset protection

Sounds like you could use the services of an attorney.

I'm not trying to be funny, but it sounds like the asset is already taking a beating if it's in foreclosure/short sale.

Any advice/ suggestions out there on asset protection in a foreclosure (or short sale) situation? Could really use some guidance.

What are you trying to protect?

Any advice/ suggestions out there on asset protection in a foreclosure (or short sale) situation? Could really use some guidance.

Our firm in Mirmar Beach may be able to help. You can contact me at Arnett & Kerrigan 850-502-4373. Please ask to speak to Jane or Daniel. Thanks

What are you trying to protect?

Typical case would be someone who owns a piece of property and has other assets, another home, saving, investment, etc.. If the bank forecloses on the property, can they also land a judgement from the court giving them the right to come after other assets.

Don't quote me on this, but most assets can be at risk, except homesteaded property in florida. Everything comes into play, loan type, loan loss, loan agreement, what state assets are in, etc..

Get the guidance of a lawyer.

Here's a legal web site with some basics:

Deficiency Judgements:
mortgage foreclosure deficiency judgements

What's protected in Florda:
florida asset protection, wages, annuity, Florida statute
florida homestead protection

There's more if you click on the menus to the left.

Any advice/ suggestions out there on asset protection in a foreclosure (or short sale) situation? Could really use some guidance.

Susan Vonhene at 598-7070.

I would think it difficult to push through a short sale if one has substantial assets available...unless of course the person is willing to part with a portion of said assets to satisfy a portion of the mortgage forgiven--no?

.

Thanks!

I appreciate the tips and phone numbers. Never in my wildest dreams did I foresee such a complicated mess! The irony is that if I could sell the property at a decent price, the house would be safe. I have made an appointment with a lawyer-- we will see what happens.

I would think it difficult to push through a short sale if one has substantial assets available...unless of course the person is willing to part with a portion of said assets to satisfy a portion of the mortgage forgiven--no?

.

Difficult, yes. Impossible, no.

The irony is that if I could sell the property at a decent price, the house would be safe.

...you're certainly not the only one in Florida discovering this irony.

.

a crowded boat

I thought the question (and answers) might be of interest. I know there are many "real estate experienced" posters on SoWal. I suppose I would have been ashamed to mention the subject in years past, but I know so many who are overextended... People smarter than me who went a little too far.

...and those that didn't go too far, but are now over extended due to eroding incomes.

...and those that didn't go too far, but are now over extended due to eroding incomes.

Oh yes-- The monster with two heads. Three, if you count rising prices.

I know the attorney in Seagrove - Frank Watson does asset protection.