Are Florida mortgages recourse loans

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PostPosted: Thu Oct 01, 2009 6:11 pm    Post subject: Are Florida mortgages recourse loans

By statute, are mortgages in Florida recourse or non-recourse loans
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PostPosted: Thu Oct 01, 2009 6:19 pm    Post subject:

Florida is a nonrecourse state
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jenkin7



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PostPosted: Thu Oct 01, 2009 11:14 pm    Post subject:

Hi Guest,

As far as I know, Florida is a recourse state. Most of the loans in Florida are recourse, unless mentioned otherwise in the promissory note. Thus, in case of a judicial foreclosure the lender has the right to come after the borrower to recover the deficient amount.
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PostPosted: Fri Oct 02, 2009 3:10 am    Post subject:

what is mean by recourse and non recource state?
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PostPosted: Fri Oct 02, 2009 11:10 am    Post subject:

In non-recourse states, mortgage lenders can not sue borrower for deficit amount.

on the other hands, In recourse states, mortgage lenders has all the rights to recover their money back
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PostPosted: Fri Oct 02, 2009 11:50 am    Post subject:

Thats correct the lnder can come after you for the deficient amount

When you foreclsoe or shorsell or even do a deed in lieu tha lender cna come after the difference once the process is complete
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PostPosted: Sat Oct 03, 2009 11:22 am    Post subject:

Standard definations are as below-



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Icon Mini Profile sunnyca2009




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PostPosted: Sat Oct 03, 2009 11:24 am    Post subject:

That will vary from state to state
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