Legal Question in Real Estate Law in Florida

1. Yes. However, that is more an issue for the lender in drafting and service of the complaint, not so much for the borrower.

2. Yes.

3. Yes. You would definitely need to discuss with lenders. A lender may or may not agree to waive the right to a deficiency judgment.

4. Yes.

Yes, there is still a possibility of a deficiency judgment on a primary residence. But, in many cases you will have a better opportunity to modify the loan or request mediation for a homestead. Sometimes a short sale is better, but it really depends on the situation and what your objective is, so I cannot answer this without knowing more about you and your goals. You should make sure that you ask for a deficiency waiver during short sale negotiations. Also, even if you have an offer pending, the bank may still file a foreclosure lawsuit, so make sure that you hire an attorney to file an Answer. Many short sales do not go through, and many lenders are not granting deficiency waivers for short sales. The bank can still go after you for a deficiency even if there is mortgage insurance. I recommend that you consult with a foreclosure defense attorney because there are many defenses available to homeowners and having an attorney may help you to negotiate with the lender. I handle foreclosure defense and avoidance cases, so if I can be of assistance to you, please give me a call.

Regards,