Florida Deficiency judgement

Guest

i have a commerical vacant land loan and would like to know how long a resulting deficiency judgement is likely to stay with me should i surrender the property. i have heard it is good for 10 years and that the lender can renew it at the end of this period.

thanks,

jenkin7 · Posted: Mon May 18, 2009 9:40 pm Post subject:

Hi Mr. French,

The deficiency judgment will stay with you until the statute of limitation expires. The term of SOl is generally 7-10 years. But it can go upto even 20 years. Actually, the time for which the SOL stays in effect varies as per the varying state laws. But the judgment will stay on your credit report until it is paid off. Even after it is paid, it will show up on your credit report as 'satisfied'.

All times are GMT - 7 Hours

Page 1 of 1