Legal Question in Credit and Debt Law in Florida
This year I had to short sell a second home I owned, and I have reason to believe that the lender will file for a deficiency judgment and try to collect the deficiency. I am planning to retire in another year and will have to sell the home I live in and move to a smaller place. When I sell my primary residence, will the money from the sale be subject to collection by creditors before it could be put into a new home?
Asked on 1/16/13, 11:35 am
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
If it is solely from the sale of your homestead, no.
Answered on 1/16/13, 11:54 am
Lucreita Becude
Lucreita D. Becude, P.A.
Your homestead is not subject to credit collection. However, be sure those funds are secured in an account that can not be attached by the collection agency as until it is sorted out, they could freeze your account.
Answered on 1/16/13, 1:23 pm