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I own two properties in Florida. One is a single family home that is rented and I am current on the mortgage payments. I alos own a Townhome which I stopped making payments on because it became a financial burden. I have been trying to sell this Town home since i purchased it, but have been unsuccessful. It has been upd for short sale for the last 3 months. Foreclosure proceeding have already started.

I am trying to get a DIL, because I would like to avoid foreclosure. If there is a deficiency judgement against me, can the bank place a lien on my primary residence in NJ which is paid off???

savior70 · Posted: Mon Apr 20, 2009 7:12 am Post subject:

Hi

It would depend on the mortgage holder whether they will obtain a deficiency judgment against you. Such judgments are allowed in Florida and they may put lien on other properties owned by you.

gmakerley · Posted: Mon Apr 20, 2009 8:19 am Post subject:

more than likely not; lenders have enough problems without trying to chase down property that is out of state to file a deficiency against. you'll probably be issued a 1099 and have to pay taxes on the loss they suffered.

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