real estate


Question by  gre6we (24)

What does Florida law say about money deficiency judgments after a foreclosure?

My home was recently foreclosed on and I have a deficiency judgment aganist me regarding the home, am I still responsible for it if I do not own the home any longer.


Answer by  noey1958 (1405)

Yes you do owe the difference between the sale price of the house and the amount of the remaining mortgage. The bank can put a lien on items that you own. Instead of this you should have considered a short sale that is sanctioned by the bank and you would have not been liable for the difference.


Answer by  patti (29325)

When a property is foreclosed, you can be held responsible for a deficiency. The judgment is ruled by a court and appears on your credit. There are a number of factors to consider, thus making it a matter for review by an attorney.


Answer by  noosh (673)

The laws having to do with foreclosure are complex. You may be issued a 1099 by the bank that holds your loan. The best thing to do is to be advised by a lawyer or find an entity that will not charge you for advise.

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