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skipreel
Guest
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Post subject: deficiency judgement foreclosure |
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Hi jameshogg,
My state is Florida |
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skipreel
Guest
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Post subject: deficiency judgement |
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| I own an investment condo in Florida which is currently rented. However, the mortgage, taxes and condo fees are much more than the rent and it may go into foreclosure. My question is if the bank goes for a deficiency judgement can they touch my a. military retirement, b. my 401k, c. my Roth IRA, d. my savings/CDs, e. my wages. Thank you. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Post subject: |
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Hi skipreel!
As far as I know, military retirement, 401k and Roth IRA are protected and lenders can't place any lien on them. However I think the lenders may speak to your employer and will deduct certain amount to cover up the debt. I think, they may even place liens on savings/CDs.
Thanks,
Jerry |
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keledjian.Eileen@yahoo.co
Guest
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Post subject: PMI |
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| How much does the PMI insure in Florida. Also, if I have a short sale can the lender and the PMI file a deficiency judgment against me? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Post subject: |
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Hi keledjian.Eileen!
The PMI charges normally depend upon the amount of down payment and loan to value ratio. This is required if you are taking the mortgage with a down payment as low as 3% or 5%.
If your property goes for a short sale, then the lender may file a deficiency judgment against you but PMI won't be able to file any deficiency judgments. Rather the lender will be able to get a certain amount of loan balance from PMI.
Thanks. |
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Lionspaw
Guest
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Post subject: deficiency judgment - |
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| I have the same situation as Skipreel, Florida condo that is rented for less then the monthly carrying cost ($20K/yr) If the unit goes to foreclosure and the lender gets a deficiency judgment , can a lien be placed against A) my non-military pension, B) Social Security income, C) Florida homestead property, D) cars, E) boats, F) Special Needs Trust? Thank you for your help. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Post subject: |
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Hi Lionspaw!
There are some states which exempt the pension accounts and thus the lenders are not able to place liens. As far as I know, Florida homestead properties are protected against liens. The lenders cannot place lien on these properties. Lenders can also place liens on your boat and car. As far as I know, social security income is protected against the lenders. They cannot place lien on that. As far as special needs trust is concerned, I think the lender may place a lien against it.
Thanks,
Jerry |
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Ken Stocke
Guest
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Post subject: Deficiency Judgement |
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| Is there a time limit from the foreclosure sale for the lender to file for a deficiency judgement. I have found one source that indicates 4 years but I can't find the statutory support. Your thoughts? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Post subject: |
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Hi Ken Stocke,
As far as I know, the time limit for filing a deficiency judgment varies within 3-4 years. However, it may vary from state to state. It will be better if you can check your state laws regarding this.
Thanks,
Jerry |
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james123
Guest
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Post subject: deed in lieu of foreclosure experience |
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| I had an upside down property that i made ontime payments on throughout. tried to sell the property for 6 months 50K under loan and that did not work. Asked bank for deed and lieu and got approved within 1 months. once deed in lieu was approved, i stopped making the monthly mortgage payments. the deed lieu took 6 weeks to complete its paper work with title transfered. my experian report showed the loans...20/80 to the same bank as 'charge off' and 'deed in lieu" with each having payments going 60 days past due until the deed in lieu was recorded. This got recorded on my credit report 3 months ago and my credit score only dropped 40 points. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Post subject: |
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Hi james,
A deed in lieu foreclosure lowers a borrowers credit score by 250 points. It is quite surprising that your credit score has dropped only by 40 points. But as one of your loans is showing as charged off, there are chances, that your credit score my fall further in future.
Thanks,
Jerry |
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Psym11
Guest
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Post subject: Florida Investment Lots |
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Hi,
I have several investmernt lot properties. I have two questions:
1, If my bank accepts a Deed in leiu of foreclosure. Will I be taxed by the IRS for the difference? 2. What are the chances that a bank would accept a Deed in lieu of foreclosure? |
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Lindsay
Guest
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Post subject: Foreclosure |
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| The house my husband and I live in is being forclosed. He bought it before we married. If his name is the only one on the title and the loan and a judgement is filed can the bank go after both our assets to satisfy it. Can they take the money from our joint account? |
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Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
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Post subject: |
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Hi
To Psym,
If the bank accepts the deed in lieu and forgives the deficient amount resulting from the sale of the property, then you will have to pay taxes on that forgiven amount. The lender will judge your financial situation and decide whether he will accept your request for deed in lieu or not.
To Lindsay,
As your husband's name is on the property and the mortgage, then the lenders will not go after your property. Your assets will be safe as your name is not on the mortgage doc.
Thanks. |
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Marshall
Guest
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Post subject: DIL |
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Hi,
I own two properties in Orlando. One has a debt of 320k and the other 220k. I have since moved and one of my renters has vacated and the other is about to. I've had both properties on the market for more than six months and no offers. My agent says that not a single townhome has sold in my zip code. I'm in a strange position in that I make over 200k per year. Both of these mortgages are costing me approx 60k per year. If I got lucky on a short sale, I would probably be looking at 250 and 180 leaving me with a deficiency judgement of approx 110k. And thats me just guessing. Problem is, if I pay and this takes years, I could still end up being upside down and having to come to closing with 110k and add up the number of years times 60k. What should I do. I've always paid my debts and am never late. I have a great credit score, cash in the bank, no credit debt, car/boat paid off. I just don't know what is the ethical or right thing to do. |
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