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Amy
Guest
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 Posted: Wed Apr 29, 2009 9:41 am Post subject: mortgage help |
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Can a lender seek a deficiency judgment against a person who is on a deed but who is not on the note in the state of florida? This is two family members but not husband and wife. Property is waiting to be approved for a short sale and could possibly go into foreclosure. How can we protect the person who is on the deed only but not on the note from a deficiency judgment in florida and what could show up on their credit report? Is it better to take the person off of the deed for their protection?
Please help,
Thanks
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 jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Wed Apr 29, 2009 11:54 pm Post subject: |
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Hi Amy,
If you are on the deed to the property but not on the mortgage note, you are not responsible for the loan. Thus, the lender cannot come after you for any deficiency amount arising out of the short sale and your credit will also not be affected in that case. |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Mon May 04, 2009 7:16 am Post subject: |
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Hi
Since the person didn't sign on the mortgage note, he/she is not personally liable for the payment of the loan. So, the lender doesn't have a legal right to come after the person for the deficient amount due to the shortsale or foreclosure. |
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elizabrownie
Joined: 04 May 2009
Posts: 1
1.33 Dollars($)
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| Posted: Mon May 04, 2009 10:45 pm Post subject: hi |
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Eliza
"http://www.homemortgage247.net"
[External link deactivated as per forum rules] |
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