[lopin]

Can anybody let me know if you walk away from a property with an outstanding mortgage can the lender persue you in the UK. Any advice appreciated

[Caribbean Beauty]

As far as I am aware if your lender/property etc was all USA based you can walk away - just read other USA threads in the main forum and you will learn that stateside foreclosures do not leave the ex-owner liable for subsequent bank losses. Which is one of the reasons why the sub-prime crew jingle-mailed their keys back to the bank with gay abandon so readily. The bank won't pursue you here.

Unless the bank is the bank of Scarface out of Miami - then you have problems. Tell us more information, your story sounds interesting?

[lopin]

Hi Caribbean Beauty

The bank is Fedral trust and the rates they were charging were at sub prime rate. The mortgage is in Florida with no hold on my property in this country. Im considering all options so any suggestions would be appreciated

Lopin

This post has been edited by lopin: 03 March 2009 - 09:36 PM

[Caribbean Beauty]

lopin, on Mar 3 2009, 06:15 PM, said:

Hi Caribbean Beauty

The bank is Fedral trust and the rates they were charging were at sub prime rate. The mortgage is in Florida with no hold on my property in this country. Im considering all options so any suggestions would be appreciated

Lopin

I only know what I read in the news and hear on here - best you talk to an attorney, or do your own google research on fellow Floridians walking away, see how you can do it most safely. Plus, in some cases you can just stop paying the mortgage then ask the bank to prove it owns the mortgage when they start to foreclose - often the USA banks cannot prove this as they sold on the debt. Do you research, good luck

[The Masked Tulip]

Caribbean Beauty, on Mar 3 2009, 10:17 PM, said:

I only know what I read in the news and hear on here - best you talk to an attorney, or do your own google research on fellow Floridians walking away, see how you can do it most safely. Plus, in some cases you can just stop paying the mortgage then ask the bank to prove it owns the mortgage when they start to foreclose - often the USA banks cannot prove this as they sold on the debt. Do you research, good luck

Depends on the mortgage - most Fannie and Freddie mortgages are no recourse so I believe, could be wrong, they an just chase you for the property.

However, Alt-A, Jumbo and other self-cert mortgages are with recourse I believe.

It all depends on what you mortgage is - recourse or no recourse.... I think. No expert. Moneyweek had an article on this a few weeks back so maybe search their site for "no recourse".

Best to ask a US attorney though most likely.

[whiterabbit]

lopin, on Mar 3 2009, 10:15 PM, said:

Hi Caribbean Beauty

The bank is Fedral trust and the rates they were charging were at sub prime rate. The mortgage is in Florida with no hold on my property in this country. Im considering all options so any suggestions would be appreciated

Lopin

Be very carefull with this. I know for sure if you clain bankrupcy in the US and still have UK assets hidden they can come after you in the UK. Its happend to some people at my office and they ended up have their UK wages garnished at source. Its also considered criminal as you would have to lie in the Florida courts when you file bancruptcy.

I would also be very surprised if they wouldn't chase you to the UK with all the data sharing now going on.

Is the house in the same name as your UK assets? One way may be to file a quite claim on the house in the US and put it in another name. Make sure you take legal advice in FL first.