 stevekivinski
Joined: 14 Jan 2010
Posts: 1
1.29 Dollars($)
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 Posted: Thu Jan 14, 2010 11:22 am Post subject: Florida Recourse for Default??? |
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| I own two condos in south Fla that I paid 190,000 for three years ago and I still owe the princiipal amount of $148,000 on each condo..These condos are now going for $75,000...they are rental properties and I have a primary residence in VA...If i default on these loans can the bank come after any of my assets other than the two properties in Fla...Thanks |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Thu Jan 14, 2010 8:14 pm Post subject: |
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Hi stevekivinski!
Welcome to forums!
As far as I know, Florida does not have anti-deficiency laws. If your property is foreclosed by the lender or if a short sale takes place, then the lender will be able to sue you for the dues. If you are unable to pay the dues, the lender will be able to place a lien on your other properties or can even garnish your wages. To know more about deficiency judgment in Florida, check out the discussion in the given page:
http://www.mortgagefit.com/florida/deficiency-laws.html
Feel free to ask if you've further queries.
Sussane |
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