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LOINMIAMI
Guest
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 Posted: Wed Sep 30, 2009 7:52 am Post subject: BEING SUED FOR A TIME SHARE |
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IN THE STATE OF FLORIDA, CAN YOU BE SUED FOR NON-PAYMENT OF A TIMESHARE?
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 jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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| Posted: Fri Oct 02, 2009 12:25 am Post subject: |
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Hi LOINMIAMI,
As far as I know, Florida is a recourse state i.e. lenders here are allowed to go after the borrower if the sale of the mortgage security fails to repay the loan in full. Thus, if the timeshare goes into a judicial foreclosure and there is deficiency from the foreclosure sale, the lender can sue you for non-payment. |
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hemsleysue
Joined: 13 Sep 2009
Posts: 72
0.02 Dollars($)
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| Posted: Fri Oct 02, 2009 8:55 am Post subject: |
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| Florida is a recourse state. In Florida the lender can go after you personally if the mortgage was not paid off by selling the underlying security (property) |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Fri Oct 02, 2009 11:27 am Post subject: |
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jenkin you made me dizzy with that avatar!
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George M. Akerley
Loan Consultant
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sat Oct 03, 2009 11:40 am Post subject: |
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Mee too
But to answer the post, yes the lender can come after you for deficient amoutn in thet state of florida |
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