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Mortgage Deficiency in Florida

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Bahama_ilangal Joined: 07 Jan 2009 Posts: 1 1.27 Dollars($)	Posted: Wed Jan 07, 2009 11:00 am    Post subject: Mortgage Deficiency in Florida Like 0 Dislike 0 My renters are not paying and I cannot afford the morg. If I go into fcl and can't sell for what I owe will they come after me for the difference?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Jan 08, 2009 12:20 am    Post subject: Like 0 Dislike 0 Welcome Bahama_ilangal, Florida is a deficiency judgment state. Thus, the lender will have the right to sue you for the deficiency judgment resulting from the foreclosure sale. _________________ Procrastination is the enemy of your financial success
Karon Guest	Posted: Thu Jan 08, 2009 6:48 am    Post subject: Short Sale B4 Foreclosure Like 0 Dislike 0 For more clarity after my research: If the mortgage is delinquent and goes into fcl the bank can agree to a short sale up to 75% of what you owe as long as the property value doesn't exceed what you owe. That difference as long as you can beat the sale date will not be a deficiency. If the property goes to sale and into REO (Real Estate Owned) then you will owe the difference if when the bank sells and doesn't recover the entire amount of what you owe.

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