Many people think their problems will end with foreclosure. In FL, you still owe the amount on the promissory note.
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NEGATIVE, FL is a non-recourse / judicial state .. I don’t know where you got that info that the bank gets the house and you still have to pay???
If you know of any nice beach property that is defendable against foreclosure (ie. in a CDO/CMO , recording/assignment issues etc. etc. ) and the mortgagee is both preparing to let it go by default in a foreclosure hearing and they are willing to give a quick claim to me for a nominal fee let me know!! I may not ever own the property but I’ll control it for years and years and rent it by the week/month to vacationers...
“but I’ll control it for years and years and rent it by the week/month to vacationers...”
Sounds good in theory but there are dozens and dozens of empty vacation houses along the beaches. In some places 30% of the homes are empty.