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Deficiency judgement on primary property in Florida?

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allenlok78 Joined: 03 Mar 2009 Posts: 1 1.36 Dollars($)	Posted: Tue Mar 03, 2009 4:13 pm    Post subject: Deficiency judgement on primary property in Florida? Like 0 Dislike 0 Hi there, I need some help. I have two mortgages (an 80/20) on a townhouse in Florida that I am way behind on due to a job loss and illness. The house is about to be foreclosed on (lender hasn't set a sale date yet) and I have tried to do a short sale for about 3 months and haven't gotten any real offers. The mortgage I owe is 190K and 40K, both with the same lender, but several houses in my area are in short sale or foreclosure sale in the $60-$100K area! The question I have is my lender going to come after me for the deficiency if this is my primary residence? My realator who is handling the short sale says they will not come after me since this is my primary residence. Thanks for your help.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Mar 03, 2009 8:02 pm    Post subject: Like 0 Dislike 0 Hi allenlok! Welcome to forums! As far as I know, in a short sale, the lender has the right to sue the borrower for the deficiency amount. However, if the lender forgives this deficient amount, then you will have to pay taxes as IRS will consider the forgiven amount as your income. Sussane

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