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11-07-2008, 01:35 PM
| | Junior Member | | Join Date: Aug 2008
Posts: 3
| |  foreclosure
What is the name of your state (only U.S. law)? Florida
I am facing foreclosure on my florida home, as my husband has passed away in Dec.2007. I dont make enough money to pay this mortgage on my salary, & we didn't have the added insurance to pay the house off in the event of his death.
Although I do have his 401K that I have cashed in, I have spent over 10,000 of it trying to pay the mortgage til now on a house that is not worth what I owe & it is an interest only mortage so it is not even effecting the principal. And the 401k won't even come close to covering what I owe on it. My payment is to high to rent the house out, so I am stuck. I have spoke to mortgage co. on lowering my payment but even that wont help, I am still in the hole every month. I want to move to Virgina to be with my family after this loss.
My question is if I leave & foreclose on this Florida home that I cant sell, & spend the balance of the 401k I have left to buy a house for cash in Virgina can they put a lean on my other property that I buy for cash? As I can get a home for 50k there, & I owe 150k on my house here. Please advise!!  |
11-07-2008, 02:12 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by aemmons1004  What is the name of your state (only U.S. law)? Florida
I am facing foreclosure on my florida home, as my husband has passed away in Dec.2007. I dont make enough money to pay this mortgage on my salary, & we didn't have the added insurance to pay the house off in the event of his death.
Although I do have his 401K that I have cashed in, I have spent over 10,000 of it trying to pay the mortgage til now on a house that is not worth what I owe & it is an interest only mortage so it is not even effecting the principal. And the 401k won't even come close to covering what I owe on it. My payment is to high to rent the house out, so I am stuck. I have spoke to mortgage co. on lowering my payment but even that wont help, I am still in the hole every month. I want to move to Virgina to be with my family after this loss.
My question is if I leave & foreclose on this Florida home that I cant sell, & spend the balance of the 401k I have left to buy a house for cash in Virgina can they put a lean on my other property that I buy for cash? As I can get a home for 50k there, & I owe 150k on my house here. Please advise!! | **A: the answer is yes. | |
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