Legal Question in Real Estate Law in Florida
Deficiency Judgement
How common is it for the lender to come after you on the deficiency if that amount is $80-100,000 and we don't have any money to pay in full and my usable income is maybe 100.00 after paying monthly bills? 3 years ago I had file chapter 7 bankruptcy if they do come after me should I retain a lawyer and file chapter 13
1 Answer from Attorneys
Re: Deficiency Judgement
A few months ago, I would have said that a deficiency was almost an automatic in a foreclosure suit. Lately, however, it seems that many of that banks are simply content with just having the house.
You may be in a tough spot. You may not have an the income to fund a Chapter 13 plan if they do cme after you, but I suppose that's a bridge you'll have to cross if you come to it. If they do seek a deficiency, definitely find a bankruptcy lawyer to discuss Chapter 13. Hopefully, though, it won't coem to that.
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