Legal Question in Real Estate Law in Florida

Can the bank take assests after foreclosure? Have a rental home that had a short sale offer. The bank took so long to agree the buyers bought another property. After over a year of paying upkeep I am consideering foreclosur. I now live in NJ. Can bank take my primary residence in NJ or any funds in my pension. I only used the house for collateral at time of finance. There is also an equity loan on property which has already been written off by bank. I woulkd have fees to pay on a short sale if I can find another buyer but Not on foreclosure. My credit is affected one way or the other.


Asked on 4/12/10, 8:47 am

1 Answer from Attorneys
Royce Bishop Mr. M & Save My Home

There is some overlap with NJ law here. I am licensed in FL & KY. If you used NJ home for collateral to buy FL home, then yes, the bank/lender could try to attach the NJ home. As far as FL law, a bank filling suit in a FL court against homeowner in foreclosure cannot make a claim against a retirement account/pension plan, etc. If there was a deficiency judgment i.e. homeowner owes $250,000 and property sells for $150,000, then bank suing in FL court cannot sue for $100,000 against a persons retirement money. The problem is I don't what would happen if bank filed suit in NJ against NJ resident to make up for the deficiency judgment in FL. I suspect that the court in NJ would use the FL law and not allow the retirement account to be attached. But I am not sure. You could contact Attorney Maurice Giro in NJ. http://www.gtlawgroup.com/index.html MR. MISDEMEANOR, "In your corner."

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Answered on 4/22/10, 3:50 pm


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