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Deficiency judgment in Florida

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CH Guest	Posted: Thu May 06, 2010 9:37 am    Post subject: Deficiency judgment in Florida Like 0 Dislike 0 I moved from Jacksonville down to Palm Beach for a new job, and couldn't sell our townhouse up there since it was $100k underwater. We are renting it out now but have to pay an extra $500/mo to cover the mortgage. If we let it go into foreclosure and the bank gets a deficiency judgement against us, what are our options to pay it off? We have two cars and a house we purchased in Palm Beach, as well as retirement accounts and about $30k in savings. Can they go after those assets? Do they ever agree to just let you make monthly payments to pay off the debt? If, so, how long will they let you do that for and do they charge you interest? Don't want the embarassment at my new job of them garnishing my wages. Thanks for the help. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Christina Joined: 06 May 2010 Posts: 7 2.08 Dollars($)	Posted: Thu May 06, 2010 11:41 am    Post subject: Like 0 Dislike 0 [System detected duplicate content, converted into image. Thanks]
JorgiaLittle Guest	Posted: Thu May 06, 2010 7:48 pm    Post subject: Please help me truble Like 0 Dislike 0 i can relate. i actually tried going to one with my friend but it was awkward. i went home about 10 minutes after everyone came. the people i hang out with party every week (something like that) and all they do is invite me to parties.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu May 06, 2010 8:56 pm    Post subject: Like 0 Dislike 0 Hi CH! Welcome to forums! After the foreclosure is complete, the lender will sue you for the mortgage dues. The lender can go after your savings account and other assets in order to recover his dues. However, it is true that the lender will not come after your retirement savings to recover the balance amount. If you want to pay off the dues through a monthly payment plan, then you should negotiate with your lender for the same. Feel free to ask if you've further queries. Sussane

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