Franklin, FL asked in Real Estate Law for Florida

Q: I have upside down mtg. on Fla. prop. worth 1/2 of principal. Can I make deal to pay that 1/2?

I can "scrape" up funds from cash, loans by relatives, etc. to cover that half. will Mortgage Trust make deal to get off books?

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1 Lawyer Answer
Dennis Chen
Dennis Chen
  • Winter Garden, FL
  • Licensed in Florida

A: You can try, but it is highly unlikely that the lender will accept that. You would be better off using the money to buy a new house with no loan and walk away from the current home. Talk to a bankruptcy attorney about your rights and what protections may exist under Florida law.

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