I have purchased a condo in Florida as an investment and its market value now is $190K, however I owe the bank $300K. It is rented but every month I have to pay about $1,500 out of pocket to cover mortgage, HOA fees, etc.
I am planning to stop paying the mortgage and I do not care about my credit score as I live abroad and do not plan to go back to US for at least 10 years.
As there is a private mortage insurance in place, if I am in default I assume that the insurance co will get the property and the bank will get paid, but: is the insurance company going for deficiency judgements or similars? I still have some savings in US banks. Then, are they going to chase accounts/assets also outside US?
Thanks for the advice,