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By statute, are mortgages in Florida recourse or non-recourse loans

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Florida is a nonrecourse state

jenkin7 · Posted: 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.

annyb27 · Joined: 07 Jul 2009 Posts: 144 -1.08 Dollars($)

what is mean by recourse and non recource state?

hemsleysue · Joined: 13 Sep 2009 Posts: 72 0.02 Dollars($)

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

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

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

dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

Standard definations are as below-

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sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

That will vary from state to state

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Are Florida mortgages recourse loans