Foreclosure in non-recourse state FL

[maxwell18]

Does anyone know if you foreclose in the state of FL and the house does not pay off the first and or the second mortage can you be sued for the diff. Now having said if you are judgement proof will it still carry through the the foreclosure suit and be protected by the "judgement proof status"
Thanks

[StartingOver08]

Florida is NOT a non-recourse state. The lender CAN go after the borrower for a deficiency judgment. If you are collection proof (also referred to as 'judgment proof'), you are not protected from the lender suing you to obtain a judgment. After all, the whole point of the lender going after the judgment is to collect from you at some point in the future when you get back on your feet. Judgments in Fl last 7 yrs and can be renewed. The maximum term is 20 yrs. More detail here on judgments in Fl: http://www.lawdog.com/states/fl/judm.htm

Here is an article by a well respected attorney in Fl regarding deficiency judgments: http://www.alperlaw.com/mortgage_fcdef.html

[florida]

I just want to confirm that this doesn't apply if both mortgages are included in your bankruptcy. Right?
We just stopped paying last month and want to give the home back.

Thanks.

[StartingOver08]

I just want to confirm that this doesn't apply if both mortgages are included in your bankruptcy. Right?We just stopped paying last month and want to give the home back.

Thanks.

Exactly right! Once the debt is discharged in Bk, then your personal liability for both mortgages is discharged. The lien for each mortgage stays on the property and the first mtg lender will foreclose after you surrender the property in your bankruptcy, but that is a formality.

[maxwell18]

followup

What if you move from the state that you had the foreclosure will the law and procedings follow you?