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Guest
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 Posted: Thu Oct 01, 2009 6:11 pm Post subject: Are Florida mortgages recourse loans |
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| By statute, are mortgages in Florida recourse or non-recourse loans |
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 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Thu Oct 01, 2009 6:19 pm Post subject: |
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| Florida is a nonrecourse state |
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jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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| Posted: Thu Oct 01, 2009 11:14 pm Post subject: |
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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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annyb27
Joined: 07 Jul 2009
Posts: 135
0.88 Dollars($)
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| Posted: Fri Oct 02, 2009 3:10 am Post subject: |
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| what is mean by recourse and non recource state? |
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hemsleysue
Joined: 13 Sep 2009
Posts: 72
0.02 Dollars($)
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| Posted: Fri Oct 02, 2009 11:10 am Post subject: |
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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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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Fri Oct 02, 2009 11:50 am Post subject: |
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Thats correct the lnder can come after you for the deficient amount
When you foreclsoe or shorsell or even do a deed in lieu tha lender cna come after the difference once the process is complete |
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dollylee9
Joined: 19 Jul 2009
Posts: 63
-0.18 Dollars($)
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| Posted: Sat Oct 03, 2009 11:22 am Post subject: |
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Standard definations are as below-
[System detected duplicate content, converted into image. Thanks.] |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sat Oct 03, 2009 11:24 am Post subject: |
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| That will vary from state to state |
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