deficiency judgement in florida

Guest 0.10 Dollars($)

My husband got a new mortgage company to refinance the house(in his name only, house in Fla.) Where he got the difference (equity) and bought a second house (cabin, in Al) as a gift to me and put it in my name only. He paid cash for the cabin. Then the insurance more than tripled, taxes soared, and we had more bills than ever come on us and we put the house in Fl. up for sale and moved to the cabin in Al.It stayed on the market for 8 months with not one hit. Since our payments doubled and I'm not working here in Al. we decided to let the house go into forclosure. The bank called and offered us a DIL. Will the whole new mortgage be forgived if we do that? At this point we are not worried about a credit rating since we are a little up in age and we have a house. What should we be looking out for , please advise. Thank you

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome ann,

Deed in lieu is a better option than foreclosure. It will release you from the deficiency judgment. But you should talk with your bank on that.

Have a look at "Avoid Foreclosure with a Deed-in-lieu" at http://www.mortgagefit.com/deed-lieu.html

Let me know if you have any more questions.

Guest 0.10 Dollars($)

My husband was asked to purchase a condo by a Mortgage Broker, who would arrange the financing (he had great credit, but wouldn't normally qualify for this size of loan) make the down payment and make the monthly payments. The idea was that they would flip the condo in 2 months and split the profit 80-20. Two years later...the condo never sold and the market sank. Estimated value of the condo is @400K less than purchase price. The Mortgage guy couldn't keep making the payments and the condo is in foreclosure. When the bank files the deficiency judgement how will my husband, who is a small business owner and sole provider of our household, be affected? Since the mtg was given #1, illegally, and #2 secured with the property, can they force my husband to sell his business, or portions of his business to repay the deficiency?

Guest 0.10 Dollars($)

what can the courts take to cover the defic. from a foreclosure.i live in a house that my aunt owns(still paying a mortg. on) and she and her husband are loosing their home to forclosure. should i worry about them taking this house to satisfy the judgment

Guest 0.10 Dollars($)

If you are head of household which means you have dependents and you earn over 50% of income for your family you wages cannot be garnished in florida.

helping_user

Hi Steve,

It depends on whose name is on the loan. If your husband's name is there, then there's every possibly that his assets can be used to make up for the deficiency judgment payment. Also, the lender may place a line on his assets.

I suggest that you stay away from such things or else you never know when you'll be in trouble with your finances.

Thanks.

Guest 0.10 Dollars($)

We must get rid of a property in an upscale community in FL. We are putting $40,000 into it yearly. We pruchased it 2 yrs ago, it was at that time a"Model" Coach Home. We have an Interest only loan at present. My husband is 71, I am 67, we are both still working. He has been a door to door salesman, selling to the Amish community for the past 50 years. Our property has been on the market for the last 15 months, we have reduced the selling price by $125,000, it is on the market for $450,000, we paid $575,000. If we keep this place we will eat up all of our retirement. What do you suggest? Do we need to be destitute before we can qualify for either a Deed in Lieu of Short Sale?

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome Miss Sue.

How much do you owe to the lender for the house that you are willing to sell? I cannot understand if you have already "paid $575,000" then why are you willing to do short sale? If you owe more to the lender than the sell price and the lender accepts it then it is called short sale. Please clarify why you are willing to sell.

brian1 · Posted: Sun Jun 29, 2008 1:00 am Post subject:

Sue talk to the lender now. Dont wait until it is too late.
Good Luck
Brian

All times are GMT - 7 Hours
Previous 1 2
Page 2 of 2