Forelosure property in Florida but I am a CA resident. Can lender obtain a Deficiency Judgement against me?
I am having a property in foreclosure process in Florida. I heard that in FL the lender can obtain a Deficiency Judgement. That means they can go after me for the loss of the sale. But, I am really a CA resident. Can they still obtain the Deficiency Judgement? if Yes, how far they can go after me in that case? Thank you
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December 21st, 2009 at 3:49 am
For most all state laws, there are reciprocal arrangements where each states honor judgments obtained elsewhere. But it will be the responsibility of the complainant to serve all the papers in California to try to get a lien against any property or earnings you might have there.
December 21st, 2009 at 4:13 am
Yes, they can and normally do file a certified judgment in the county where the borrower resides. The goal is for lender to get repaid for the money the borrower was loaned and did not pay back so they do this so that the borrowers can not buy or refinance new property until the debt has been resolved. I have also seen lenders garnish wages, assets and tax return refund. The judgment will of course be on the borrowers credit report for at least 7 years.
December 21st, 2009 at 4:53 am
They will come after you like the IRS. Should have made your payments…
December 21st, 2009 at 4:59 am
Yes…b/c it’s attached to your social security number and your credit report, regardless of what state you live in.
Escaping to another state doesn’t relieve you of your debt.
The judgement is filed in the county where the property is located, and it’s the court that reports it to your credit, NOT where you reside.
December 21st, 2009 at 5:13 am
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http://www.mortgage-renters-help.org
Hope this helps!