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What assets can be taken with a Florida deficiency judgments for foreclosed property?
Wiki User
∙ 14y ago
Whatever they can sell to reclaim their losses. You may need to proceed with bankruptcy to protect other assets. Consult an attorney for specifics.
Wiki User
∙ 14y ago
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Is there deficiency judgment in Florida?
Yes, deficiency judgments are allowed in the state of Florida. When the lawsuit is filed, homeowners have the right to a jury trial to hear the deficiency case. Also, the bank must have in-hand service of the lawsuit paperwork on homeowners in order to include a deficiency judgment action in the original case.
How long can you live in a USDA foreclosed property?
It depends on your state foreclosure laws. They are so backed up with foreclosures right now that it can be quite a while. I have seen as long as 16 months in Florida.
Is the State of Florida a Non recourse state?
If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc. which is being Forclosed upon in the State of Florida, which I understand to be a Recourse State. Since the loans are Non Recourse so I 'm not protected against them comming after my assests for any deficiency, even though the state of Florida is a Recourse State?
Does Florida pay property tax?
Resident property owner do pay property taxes to the state of Florida each year.
Is your property in Michigan exempt if you do not pay your mortgage in Florida?
Your property in Michigan would not be affected by your mortgage in Florida.Your property in Michigan would not be affected by your mortgage in Florida.Your property in Michigan would not be affected by your mortgage in Florida.Your property in Michigan would not be affected by your mortgage in Florida.
How common are deficiency judgments in Florida?
Deficiency judgments are fairly common everywhere on large houses. The more the amount you owe on a house, the more you are likely to have a judgment filed against you.
Does Florida allow banks to sue for deficiency judgments from another state?
dey taza' da foo's.
In Florida am I responsible for old liens on a foreclosed property I bought from the bank that took title?
You should make sure of the situation before signing on the dotted line--the title company should have provided a clear title (no judgments, liens and so on).
How do you avoid deficiency judgments in lee county Florida?
You can avoid the laws if your lender agrees not to press charges for deficiency. You can also file for a chapter 7 bankruptcy.
Is there deficiency judgment in Florida?
Yes, deficiency judgments are allowed in the state of Florida. When the lawsuit is filed, homeowners have the right to a jury trial to hear the deficiency case. Also, the bank must have in-hand service of the lawsuit paperwork on homeowners in order to include a deficiency judgment action in the original case.
In Florida are sellers of a home responsible for deficiency judgments?
If the sellers sold the home for as much as they owed on the loan, there is no possibility for a deficiency judgment, since there is no deficiency. If the sale was through a short sale where the bank took less than it was owed but allowed the homeowners to sell and walk away, the bank would have to sue for the deficiency judgment.
Making Smart Real Estate Investments?
With over 1 million foreclosed homes available for purchase in the United States, it is no wonder investors are quickly snapping them up. To get a piece of the real estate pie, you should consider investing in a foreclosed property. Foreclosed properties are also referred to as "fixer uppers," because they can require some maintenance work before they can be sold again. Before you purchase a foreclosure to fix up and resell, consider these tips to make the smartest real estate investment choice possible.Choose a Good Location Just because a foreclosed property is dirt cheap does not mean it will yield a profit. Make sure the foreclosed property is in a good area. If it is in a poverty-stricken area of a large city, then the foreclosed property is not a good real estate investment. However, if the foreclosed property is located in a suburb with a good school district, then this may make the perfect real estate investment.Make Sure Repairs Are Affordable Some foreclosed properties are only thousands of dollars, but they require hundreds of thousands of dollars in repairs. There was a case in Florida, where a proud homeowner bought a foreclosed property for only a few thousand dollars. The property was located in a beautiful area of Florida. However, upon arriving to the property, the owner discovered the house was filled with over 300 snakes. This is just one of the example of what may be lurking behind the door of a foreclosed property. A foreclosed property is not worth the investment if it will require substantial pest control services or maintenance work.Have Cash Ready If you can pay for a foreclosed property with cash, then you may be able to beat out investors. One of the most difficult parts of buying a foreclosed property is beating out investors. If you can pay for the entire home with cash, then you will stand a chance in buying the property.Investigate the AreaBe sure to do your due diligence on the area and make sure no sex offenders are located near the home. Searching the sex offender registry in your area is one way to determine if sex offenders live in close proximity to a foreclosed property. Buyers do not want to buy a home that is unsafe for their children.To make a wise real estate investment, consider these four tips before you purchase a foreclosed property.
How long can you live in a USDA foreclosed property?
It depends on your state foreclosure laws. They are so backed up with foreclosures right now that it can be quite a while. I have seen as long as 16 months in Florida.
Is Florida a nonrecourse state?
No, Florida is not a non-recourse state. If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc.
Does Florida have anti-deficiency laws?
according to this website, NC does have an anti-deficiency provision. http://www.helocbasics.com/list-of-non-recourse-mortgage-states-and-anti-deficiency-statutes/
What is the easiest way to find out about a foreclosed property in Florida?
Without a doubt, the best site to check out is www.governmentauctions.org. Florida is loaded with foreclosures and they've probably got tens of thousands on their site. They offer a 3 day free trial too, which is pretty cool. I was impressed.
20 yearStatue of limitations judgments in Florida when must it be newed.?
in lforida, judgments are limited and they doesnt affect our private live
