Foreclosure laws in FL

mohammedv · Joined: 21 Dec 2007 Posts: 2 1.68 Dollars($)

I have 2 investment properties in FL. The loan amount balance is more than the house value.I'm looking at foreclosure, can Countrywide come after me for the shortage??

livinginnky · Posted: Thu Jan 03, 2008 11:57 am Post subject:

I am not a lawyer.

From a quick Google search... the answer appears to be YES... they can seek a deficiency judgment.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Mohammedv,

The foreclosure laws in Florida allow lenders to seek deficiency judgment to recover the unpaid mortgage balance.

If the lender agrees to forgive this debt then, according to the new law, you don't have to pay tax on this.

I think it will be better if you talk to your lender and make things clear.

Guest 0.10 Dollars($)

WHAT HAS THE TREND BEEN WITH BANKS AND SHORT SALE OTHER THAN DRAGGING THIER FEET. i HAD TWO BUYERS FOR MY PROPERTIES BUT THEY TIMED OUT AND LOST THE SALE. nOW THE PROPERTIES ARE WORTH EVEN LESSAND I AM LOOKING AT FORECLOSER.HAVE THE BANK BEEN JUST TAKING THE PROPERTIES AND WRECKING PEOPLES CREDIT OR ARE THEY FORCING PEOPLE INTO BANKRUPCY AND A LIFE TIME OF DEBT ?

jameshogg · Posted: Wed Sep 03, 2008 11:18 pm Post subject:

No, I don't think the banks are forcing people to go into foreclosure. This is because the entire industry and the lawmakers are trying hard to reduce the number of foreclosures and short sales and bring the market back to it's usual form. Well, it'll take some time but I don't think after so much of crisis in the credit and financial markets, banks would try and force more people into bankruptcies.

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