Deficiency judgment Florida - Can you be sued by lenders?

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Alexander J H


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Post     Post subject: Mortgage foreclosures and deficiency judgements

It was the unscrupulous lenders that created NO down payment mortgages, very low starting percentage rates without educating the unsuspecting borrower of the consequences.
These lenders are the ones that must be penalized, punished and not the home owner that have lost their jobs as a result of the banks false statements and blunders who have anyway been rescued by our almost bankrupt governement. Yet we the public have to pay a heavy price for the follies of others.

WHY IS NOT OUR GOVERNMENT DOING ANYTHING TO PROTECT ITS PEOPLE FROM COMPLETE DISASTER BY MAKING THE CULPRITS, BANKS, FINANCIAL INSTITUTIONS, MORTGAGE LENDERS, ETC. PAY THE PRICE OF THEIR FOLLIES? IS THIS COUNTRY FOR THE WEALTHY ONLY?
Mini Profile  smithsussane

smith.sussane


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Post     Post subject:

Hi Guest!

Welcome to forums!

I can understand your frustration!! But don't be pessimistic and have some patience. Lawsuits have been filed against such scrupulous lenders and actions are being taken against them. Bank, financial institutions and lenders who have scammed common people are being punished for their follies.

Feel free to ask if you've further queries.

Sussane
frank mccarthy


Guest




Post     Post subject: mortgage deficiency in florida

A technical question for lawyers, specifically for FL. I've seen writeups that mention that even Homestead property is not exempt from a foreclosure deficiency judgment. Does that mean the specific home against which the foreclosure took place or does it mean any home one might own, for example, a home subsequent to the foreclosure and properly homesteaded? Perhaps simpler, must the judgment and lien relate specifically to the foreclosed property.

A comment for others worrying about certain other property, research "Tenancy by Entireties". It's for married only, though.
Mini Profile  adonis

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Welcome frank,

The lender can claim the deficiency judgment for the home which has been foreclosed. It is not mandatory that it will be the home which which has been homesteaded.

_________________
Procrastination is the enemy of your financial success
AFS


Guest




Post     Post subject: forclouser

lender in texas - home in florida.
forecloser.
can the texas lender come after you for the deficiency?
Mini Profile  smithsussane

smith.sussane


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Hi BBBSSS!

Welcome to forums!

As far as I know, in Florida, the lender has 5 years time to claim deficiency judgment.

Feel free to ask if you've further queries.

Sussane
Want to be cautious


Guest




Post     Post subject:

I still have a court recorded foreclosure judgement on an investment property from a bank in Lee County from 2008. It has been lying dormant, but I worry that they might come after me with a deficiency motion at some point. I may inherit some
money and property soon.

Will I be exposed to lose my inheritance? What should I do?
Mini Profile  jameshogg

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Joined: 20 Dec 2005
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Hi Guest,

If the property is foreclosed by the lender, then you will be liable for paying off the deficient balance to the lender. If you receive an inheritance, then the lender may ask you to pay off the delinquent amount from that inheritance.

Thanks
johng


Guest




Post     Post subject: foreclosure

I am facing foreclosure on what was our homestead in Florida. The propertywas appraised at 320,000 and the mortgage is 365,000. We had a shortsale offer of 320,000 but the bank wanted us to give an additional 10,000 cash and a promisary note for 35,000 at zero interest for ten yrs. I am retire with no pension but have an IRA worth 650,000 plus social security. The IRA is subject to a minimum of 20% tax on drawing funds. I sold my life insurance policy to purchase another home which is now my homestead in Florida. I know it looks like we have money but at our age we have no means of survival except the IRA. With normal expenditures we can survive approximately ten years.My question is can they place a judgement on what is now my new hoestead in Florida. It is worth 130,000.
Mini Profile  jameshogg

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Hi johng,

In order to recover their debts, the lender can file a lawsuit and get a judgment against you. But if you have a homestead, then I don’t think you will have to worry about the lawsuit.

Thanks
workslave


Guest




Post     Post subject: foreclosure on a rental

I own 3 houses. The one I live in has a home equity loan. the other 2 are rentals. One has no liens or mortgage, the other rental has a mortgage. I have no assets other than the equity in the rental that's paid for. What can I expect the lender to do if I default on the mortgage on the other rental.
Mini Profile  jerry

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Post     Post subject:

Hi workslave,

If you do not pay the mortgage, the lender will have the rights to foreclose the property. He will come after you in order to recover the debts. Moreover, non-payment of mortgage will also tarnish your credit.

Thanks
legal eagle


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Post     Post subject: DIL and more

Is there a way other than challenging the appraisal of the property that a deficiency can be challenged ?
Mini Profile  smithsussane

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Post     Post subject:

Hi!

Welcome to forums!

You can challenge an appraisal of the property. In order to do that, you may have to go for another appraisal which states that your property has a high value.

Feel free to ask if you've further queries.

Sussane
noonecaresanymore


Guest




Post     Post subject: lender/second mortgage

we are trying to settle a short sale. the first lender(BofA) has offered the second (regions) $6,000 and we have offered $2,000 to settle on $28,000. the 2nd says they want us to sign a note for $11,000 or will settle for us to pay them $5,500 at closing or they will sue if we do not. can the 2nd do this and why are they being so ornary? I have never heard of a second doing this and neither has our realtor.
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