Q: If you sell a home in fl by short sale terms can our land in virginia be secure from any fl financial liabiliy?
A:
There is nothing particular about conducting a short sale in another state that would absolve you from potential liability in Virginia.
Generally there are two types of short sales:
1. Where the mortgagee forgives the remaining principal balance on your Florida Property. - In this instance you will be absolved of liability.
2. Where the mortgagee does not forgive the remaining principal balance due on the Florida property. - In this instance the Mortgagee can sue (in Virginia or Florida) for the remaining principal balance on the Florida property, and a judgment can be recorded in Virginia that operates as a lien on your Virginia property.
There may be an aspect of Florida law in particular that requires all short sales to fall within category one listed above. A Florida real estate attorney would be better suited to state if that is the case.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
