Deficiency judgment Florida - Can you be sued by lenders?

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Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
Posts: 12157
Location: Nevada
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Hi Guest,

If the lender gets a judgment against you, then he will be able to garnish your bank accounts or place a lien on your car or other assets. If you file bankruptcy, there are chances that you will be discharged of the debt and the judgment.

Thanks
garrett winebarger


Guest




Post     Post subject: foreclosure

if i let my home go back to the bank,can they come to tennessee and take my home here?prices have really dropped on property in florida it was worth
$287,000 now it is worth only $150,00
please answer

[Email address deleted as per forum rules. Thanks.]
ericjouvet


Guest




Post     Post subject: deficiency judgment in Florida

I foreclosed on my property 5 yrs ago, I received a 1099 from the lender but one year and an half ago I received a weird letter from a collection agency, with a different creditor's name, no reference to any loan number and an amount that does not match anything I owe. I did not answer and I have not heard from anybody so far. After the loss of my other half to cancer my family helped me buy a house cash, is that new house in danger of being seized? how do I find out if there is a defficiency judgment against me? I had lost my job due to the recession and I had one of these toxic loans. After years of depression I am trying to move on with my life and a deficiency judgment would be the end for me.

Thanks so much for your response.
Mini Profile  adonis

adonis


Joined: 22 Oct 2005
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Location: ALASKA
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Welcome garrett,

In order to take your property in Tennessee or place a lien on it, the lender will have to file a lawsuit and get a judgment against you. If the lender is able to do so, then he will be able to come after your property.

To ericjouvet,

In order to place a lien on the new property, the lender will have to get a judgment against you from the courthouse. I don't think the lender will come after you now in order to recover that deficient amount. Nevertheless, have a word with a real estate attorney and take his opinion in this matter.

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jlaw39


Guest




Post     Post subject: deficiency balance on motor home

how far can they go to collect a deficiency balance on a motor home. what property can they take from you?
Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
Posts: 12157
Location: Nevada
1221.05 Dollars($)
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Hi jlaw,

If the deficiency judgments are allowed in your state, then the lender will file a lawsuit against you and get a judgment then claim the deficiency. If they get a judgment, then they may garnish your wages or bank account or place a lien on your other properties.

Thanks
ingrid meno


Guest




Post     Post subject: ways to negotiate deficiency judgment

I have commercial property in Florida that is behind in payments. I've listed it and offered CA lender a dil...unsuccessful in both. I'm trying to get a prospective lessee to assume loan instead, if I can get lender to agree. i don't want to re-lease it but can lender require me to if rent would cover the payment?
Guest







Post     Post subject:

The lender will come after you for a deficient balance only when you foreclose the property. If you rent the property and pay the mortgage payments on time, then you won't be liable for deficient balance.
gac


Guest




Post     Post subject: deficiency judgement notification

after foreclosure do the mtg company normally contact default ownwer before judgement takes place. understand bank acct can be frozen but only funds going into it at this time are federal retirement funds. because of this can account be frozen or should i start funds be mailed to me in checks.
Mini Profile  adonis

adonis


Joined: 22 Oct 2005
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Location: ALASKA
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Hi gac,

The lender can contact the borrower for the deficient amount resulting from the foreclosure sale of the property. You can ask for the funds to be mailed to you in checks. I don't think there will be a problem in it.

_________________
Procrastination is the enemy of your financial success
Pirate


Guest




Post     Post subject: Suncoast Schools Federal Credit Union Short sale

I short saled my house with a deficiency. I got a summons for court for a deficiency judgement. What are my options? Bankruptcy?
Mini Profile  adonis

adonis


Joined: 22 Oct 2005
Posts: 12177
Location: ALASKA
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Welcome Pirate,

You can pay off the deficient balance and get rid of it. Then you won't have to file bankruptcy. In case, you're unable to pay off the deficiency balance, it will be a better option to contact your lender and ask him to forgive the deficient balance. In case, if this option does not work, then you can think of filing bankruptcy.

_________________
Procrastination is the enemy of your financial success
franco


Guest




Post     Post subject: shurt sale

can a bank file for a deficiency judgement againts me even if I avoid foreclosure?
and if so how can I minimize my out of pocket costs?
Mini Profile  smithsussane

smith.sussane


Joined: 18 Sep 2008
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Location: Alaska
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Hi franco!

Welcome to forums!

It is true that short sale is one of the ways to avoid foreclosure. However, even after a short sale, you will be liable for paying the deficient balance to the lender. You can request the lender to forgive the deficient balance resulting from the sale of the property. This will help you minimize your out of pocket costs.

Feel free to ask if you've further queries.

Sussane
BBBSSS123


Guest




Post     Post subject: JUDGMENT

IS THERE A TIME LIMIT FOR THE LENDER TO FILE A DEFICIENDY JUDGMENT IN FLORIDA??
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