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Bought in 2005 for 360,000, current value 160,000. Lost my business, looking for a job. Thinking of DIL or short sale, since I have received Foreclosure notice shortly after 90 days delinquency. Never been late or delinquent on any thing until now. Which one in Florida would be subject to a deficiency judgement,, if so how long can the Lender First Franklin take to inform me of it? Is bankruptcy the only way to get rid of this impending debt. thanks for any assistance.

jenkin7 · Posted: Sun May 24, 2009 11:38 pm Post subject:

Hi AMB,

If there is any deficiency arising from the sale of the house, the lender can come after you for the deficient money. In case of a deed in lieu, the lender generally forgives this amount. Though I'm not sure whether they would forgive $200k in deficiency. The time taken to inform you of any deficiency judgment will depend on your lender. What type of bankruptcy are you planning to file? A chapter 7 bankruptcy along with a foreclosure will ruin your credit. A chapter 13, on the other hand, would be a much better option for you.

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