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mcgeegrace · Joined: 27 Jun 2008 Posts: 3 2.21 Dollars($)

I am having to reposess a MH that the buyer is VERY delinquent on. If I end up selling it at a loss from his orginal mortgage amount...is he responsible for the difference? Also, what about liens that might have been placed on it during his time of responsibility for it?

brian1 · Posted: Fri Jun 27, 2008 6:06 pm Post subject:

Quick search turned up the following
If, after selling the property, the lender does not receive enough money to pay the loan in full, the lender will have the right to seek a deficiency judgment against the borrower personally.

Niicss · Posted: Sat Jun 28, 2008 3:23 am Post subject:

Welcome mcgeegrace.

Yes Florida is a deficiency judgment state. That means if in the process of foreclosure or short sale if the sell price is less than what you owe to the mortgage company then they can come after you for the deficiency judgment.

Let me know if you have any more queries.

smaildaytoday · Joined: 15 Oct 2007 Posts: 52 0.00 Dollars($)

Florida the deficiency judgment state. That means the lender has a right to get all the money for the loans.

Guest

Is Missouri a deficiency state?

jameshogg · Posted: Thu Oct 23, 2008 12:06 am Post subject:

Hi William Shouse

Deficiency judgments are not generally allowed in Missouri when a property is sold at a public sale for less than the loan amount due on the property.

Thanks.

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Is Florida a Deficiency State?