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deficiency judgement for Florida property

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kent_wu1 Joined: 30 Mar 2010 Posts: 1 1.30 Dollars($)	Posted: Tue Mar 30, 2010 12:08 am    Post subject: deficiency judgement for Florida property Like 0 Dislike 0 Hi, My partner and I bought a property in Florida. The mortgage is completely under his name while the deed is recorded under both our names. We're deep under water now so we would like to walk away. My question is, when the bank forecloses this property, will they go after deficiency judgement? If so, will they just go after my partner only since he's the sole borrower in this loan? Thanks. -Kent
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Wed Mar 31, 2010 3:38 am    Post subject: Like 0 Dislike 0 If the lender forecloses the property, he will have the rights to come after you for the deficient balance. As your partner is the sole owner of the property, the lender will come after him for the deficient balance. Rather than walking away from the property, you should contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, your husband won't have to pay the deficient balance. _________________ Good is the Enemy of Great.

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