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Alexander J H
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Post subject: Mortgage foreclosures and deficiency judgements |
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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? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
I can understand your frustration!! But don't be pessimistic and have some patience. Lawsuits have been filed against such scrupulous lenders and actions are being taken against them. Bank, financial institutions and lenders who have scammed common people are being punished for their follies.
Feel free to ask if you've further queries.
Sussane |
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frank mccarthy
Guest
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Post subject: mortgage deficiency in florida |
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A technical question for lawyers, specifically for FL. I've seen writeups that mention that even Homestead property is not exempt from a foreclosure deficiency judgment. Does that mean the specific home against which the foreclosure took place or does it mean any home one might own, for example, a home subsequent to the foreclosure and properly homesteaded? Perhaps simpler, must the judgment and lien relate specifically to the foreclosed property.
A comment for others worrying about certain other property, research "Tenancy by Entireties". It's for married only, though. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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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 |
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AFS
Guest
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Post subject: forclouser |
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lender in texas - home in florida.
forecloser.
can the texas lender come after you for the deficiency? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi BBBSSS!
Welcome to forums!
As far as I know, in Florida, the lender has 5 years time to claim deficiency judgment.
Feel free to ask if you've further queries.
Sussane |
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Want to be cautious
Guest
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Post subject: |
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I still have a court recorded foreclosure judgement on an investment property from a bank in Lee County from 2008. It has been lying dormant, but I worry that they might come after me with a deficiency motion at some point. I may inherit some
money and property soon.
Will I be exposed to lose my inheritance? What should I do? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Post subject: |
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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 |
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johng
Guest
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Post subject: foreclosure |
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| 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. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Post subject: |
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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 |
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