What does Florida law say about money deficiency judgments after a foreclosure?

Answer by  noey1958 (1405)

Yes you do owe the difference between the sale price of the house and the amount of the remaining mortgage. The bank can put a lien on items that you own. Instead of this you should have considered a short sale that is sanctioned by the bank and you would have not been liable for the difference.

Answer by  patti (29325)

When a property is foreclosed, you can be held responsible for a deficiency. The judgment is ruled by a court and appears on your credit. There are a number of factors to consider, thus making it a matter for review by an attorney.

Answer by  noosh (673)

The laws having to do with foreclosure are complex. You may be issued a 1099 by the bank that holds your loan. The best thing to do is to be advised by a lawyer or find an entity that will not charge you for advise.