deficiency judgement in florida

Guest 0.10 Dollars($)

Hi I'm currently going through a foreclosure on two properties and would like to know how much time do the banks take to file a deficiency if they decide to do this? How will I know the sale price of the property at the court?

Any help would be greatly appreciated.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

As soon as the foreclosure procedure is over they will approach the court and file a lawsuit for getting a deficiency judgment for recovery of their balance dues. But generally it takes some time for the court to give a judgment.

At the time of auction, the court representative in charge of the foreclosure sale will announce the sale price that has been fixed for the house. This is the price to which buyers will bid.

Miller

Caron

Hi guest,

It seems that you are frustrated. Oh, please don't; it's a tough time no doubt, but do not lose hope. Let's keep our fingers crossed and hope that things will turn for the better.

The judgment can be filed only at the end of the foreclosure auction. Usually in Florida, the foreclosure proceedings continue for a period of 180-200 days depending upon the court schedule. At the end of this process, the deficiency judgment can be filed by the lender.

Let's hope for better times to come. Smile

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

Guest 0.10 Dollars($)

if a person is on the title only and not on the loan will a foreclosure reflect on there credit? What is a dil?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Liz,

If a person is only on the title of a property and not named on the loan, then it will not have any impact on his credit. It will only affect the credit score of the actual loan borrower.

And a DIL is a process by which you can avoid foreclosure and gives your property willingly to the lender so that the lender could satisfy the outstanding loan balance from it.

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.40 Dollars($)

Liz,

DIL or deed in lieu of foreclosure is used to give away the house to lender and avoid foreclosure.

Often when the lender accepts a dil he agrees not to go for deficiency judgment against the borrower for the balance amount not recovered from sale of the house.

But let me also tell you that a dil has very similar impact on a person's credit to what happens in case of foreclosure. Borrower's credit score goes down by quite a few points. So both foreclosure as well as deed in lieu should be avoided if possible.

Guest 0.10 Dollars($)

I'm taking the short sale route. My 1st mortgage holder (Ocwen) wants to keep all the money and give the 2nd mortgage holder (Chase) only $1,000. I owe chase $45,000. How can I influence Chase not to seek a deficency judgement?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Bonita,

Welcome to this forum.

Unfortunately in the state of Florida, you have to pay the deficiency judgment but you can avoid it if you request your lender to go for the deed in lieu of foreclosure. But it is also true that Deed in lieu of foreclosure will affect your credit more than short sale. Deed in lieu of foreclosure will drop your more than 100 points but short sale will drop around 50 to 80 points. Now you have to decide. You can also talk to an attorney regarding this.

Hope it will help you. Feel free to ask if you have any further questions.

Thanks,
Larry

Guest 0.10 Dollars($)

I have a property I am struggling to make the payments on. I also have a silent partner involved that I feel may stop making payment to me. We are in it 50/50 without any signed contract between us. I am the only one on the loan and title. If I let the property go, can the lender hit me with a judgement or will this be covered by the PMI? If there are any judgements or tax repercussions is my partner liable for half the costs? If not, how can I make him liable?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Jeff,

Welcome to this forum.

You have a partner without any written documents. The title and the loan both are on your name. So your partner is not liable for any judgment. He does not own the property and if the property is foreclosed, his credit will not be affected.

" If not, how can I make him liable?" you should put you partner’s name both on the title and the loan. He is your 50% partner of the property. So his name should be both on the title and the loan. So talk to your partner and see if he is willing to do so.

Feel free to ask if you have any further questions.

Thanks,
Larry

Guest 0.10 Dollars($)

Because of health reasons I had to let my home in Ft. Myers go.
I was just served papers for a forclosure and would like to know if the lender geta a deficiency judgement if they can attache my pension.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Jeff,

As your friend is not on the deed and you are going for the foreclosure, lender will come after you for deficiency judgment.

I think you should talk with your lender ASAP and instead of foreclosure you can go for Deed in lieu of foreclosure. You credit score will be less affected. Deed in lieu will only drop your credit score only around 100 points. And the lender will not go after the deficiency.

Thanks,
Larry

Guest 0.10 Dollars($)

i live in florida ive just been served on some credit cards and a town home
how long will those judgements last in florida and can they take money out of my bank accounts or wages if im head of household

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi,

Welcome to the forum.

I don't know the law of Florida exactly regarding this but generally, I think the judgment lasts for 10 years and they have the rights to claim the money from you.

Thanks,
Larry

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