Spouse and I want to walk away from mortgage/home but we don’t know if bank can come after us personally for the loan since we have other assets. Any advice? House in FL
When you say walk away, you mean just let them foreclose?
If this is the case then I’d bet you’re upside down, which means a deficiency judgement, which means personal assets can be seized.
It’s not as simple as that, but the short answer is yes.
This is not financial or legal advice, if your erection lasts more than four hours, blah blah
If you don’t pay your dues for the mortgaged house, your other property can be seized by the bank.
where is Florida, I have short sale buyers in many areas.
You need a better answer. A foreclosure will affect your credit and may prevent you from obtaining a new mortgage in the future, maybe even permanently, depending upon future qualifying requirements. The lender will sell the property at public auction and likely calculate the deficiency balance. If they are unable to collect that deficiency balance, they will seek a judgment for that amount plus all accrued interest, fees, and costs. Once they obtain a judgment, they can then attach your property.
However, in your state, you have certain exemptions that creditors cannot take from you. If your asset values do not exceed your exemptions, the creditors cannot take it. You may have to file your exemptions with the court when the judgment is obtained.
There are various alternatives to foreclosure, including selling the home in a short sale. Have you explored those alternatives?