Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

Deficiency judgment in Florida

Author Message
CH

Guest







Post 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
Icon Mini Profile Christina
Christina


best lender badge

Joined: 06 May 2010

Posts: 7

2.08 Dollars($)
Post Posted: Thu May 06, 2010 11:41 am    Post subject:
Like 0
Dislike 0



[System detected duplicate content, converted into image. Thanks]
JorgiaLittle

Guest







Post 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.
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post 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
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.059 seconds.