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foreclosure on a US condo

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by guypea, Apr 11, 2010.

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  1. guypea

    guypea Law Topic Starter New Member

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    I am a UK resident who bought a condo in florida in 2006 as an 'investment' (haha, good move huh)
    iits now worth just $33,000 (i have a mortgage outstanding of $160,000)
    its taken ALL my savings to keep it going, but i now have nothing left.
    I have applied to my US mortgage company for ashort sale, but it looks as though they will turn it down.
    I need to know what the implications are if i foreclose on my us mortgage to my home and finances in the UK.
    my uk home is mortgaged and i have no savings.
     
  2. jharris352

    jharris352 New Member

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    I am the General Trustee for a company that sues lenders in foreclosure situations. There are a number of tactics including making the lender produce the original note, which they normally can not do in 40% of the cases. There is a little cost to it (about half the payment) but it will prevent the property from going into foreclosure, cut the principle owed on the property, and possibly allow you to keep the property long enough to have it recoup some of it's losses. We also try to rent it out to people if you are not living there.

    If that would help you email me [email protected]
     
  3. guypea

    guypea Law Topic Starter New Member

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    not really. i wanted advice, not a salesman. thanks anyway
     
  4. army judge

    army judge Super Moderator

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    Relax in the knowledge that no plaintiff in a US state court can obtain jurisdiction over your assets in the UK easily and cheaply.

    I could bore you to death explaining "long arm statutes" and such, but in your case; even if you were served, a US state court's judgment would have little effect in the UK.

    The article below explains it somewhat.

    Briefly, to effect service of you and enforcement of any judgment in the UK would be very expensive.

    In your case, $150,000 isn't worth the effort, unless you are a multi-millionaire.
    Bottom line, it can be done, but not cost effectively.

    You would be wise to speak with a Florida attorney about this, or investigate jharris' proposition.
    You should also speak with a UK barrister about enforcing US judgments in the UK.

    If I were in your position I would have walked away months ago.

    Good luck.


    http://travel.state.gov/law/info/judicial/judicial_691.html
     
  5. guypea

    guypea Law Topic Starter New Member

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    thanks a lot for that army judge.
    i have wanted to walk away for years, not months!!!
    but it is only recently that my latest tenant defaulted, so now I have NO money coming in, not just 'not enough' as before.
    i'll talk to a florida attorney first off, assuming they formally reject my short sale offer.
    thanks again.
     
  6. army judge

    army judge Super Moderator

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    You're welcome, GuyP.
     
    guypea likes this.
  7. jharris352

    jharris352 New Member

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    If you check the boards I give more advice that practically anyone here except maybe Army. But if you want to be a jerk then good luck. I just happen to have had a solution for your problem. But you just carry on without me and you will get exactly what you pay for.
     
  8. guypea

    guypea Law Topic Starter New Member

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    sorry if i came over sounding like a jerk, and yeh i do appreciate the help jharris. why wouldnt they have the original document tho?
     
  9. jharris352

    jharris352 New Member

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    Search the internet for "Produce the Note." Real estate foreclosure defense. Because they have sold and sold and sold these notes they have lost about 40% of them and many of the others have been seriously compromised. I didn't mean to come across as a salesman either I suppose, I was just telling you what I do. In any case, after the lender has been tied up in a lawsuit for a while they get very pliable about wanting to recast the note, interest rates, and payments. Where is your condo?
     
  10. guypea

    guypea Law Topic Starter New Member

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    park central, orlando. yeh but the thing is about the note... i have had my loan modified within the last year. so they will be bound to have that, surely
     

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