All Forum Posts by: John O'reilly

Jon, your all over this site. You obviously have a lot of knowledge in this field. Wish I had known of you three years ago. Do you mind if I ask you a few other questions?

1. Florida allows deficiency judgments, does that entail that the mortgage companies could go after my primary residence? Garnish my wages, 401K etc?

2. If my wife is not on any of the loans in which I am foreclosing, can the lenders go after any of her assets?

3. I would like to continue paying for my investment properties, but need a much lower monthly payment, have you ever heard of banks forgiving a portion of the principal in order to keep money coming in, rather than outright foreclosure?

Thanks again Jon, your advice is much appreciated.

Thanks again Jon, I appreciate the advice.

Thanks for the advice Jon, I have made an appointment with a lawyer to go over all the contingencies. If you dont mind me asking, how did you handle the 100K judgement?

Have not had any luck with a short sell. Everything in the area is pretty stagnant. Foreclosure seems to be the only alternative. Cant keep dumping money into these properties every month. Whats the prognosis on a deficiency judgement? Can they go after my primary home?

What should I expect my credit score to drop down to if I have a foreclosure on a couple of investment properties. I have a score of 769 now, am I looking at completely wiping it out?

I currently own three investment properties in the South Florida area. Due to the economic downfall and lack of viable renters, these properties have become nothing more than money pits. I am currently considering foreclosure due to the fact that I can no longer maintain these properties. Is it true that the mortgage companies can sue me after the foreclosure process and come after my primary residence, my retirement accounts, garnish my wages etc??