Legal Question in Real Estate Law in Florida

A foreclosure in Florida Is this normally a non recourse transaction?

I have a rental in florida which I cannot afford to keep and pay the mortgage. Is my liability tied to the property only [non-recourse]?


Asked on 12/29/08, 5:14 pm

1 Answer from Attorneys
Justin Schmidt Law Office of Justin B. Schmidt, P.A.

Re: A foreclosure in Florida Is this normally a non recourse transaction?

No. Unlike California, Florida does not have an anti-deficiency law. Lenders may obtain a judgement against the borrower for the deficiency between the amount owed and the money recouped from selling the foreclosed property.

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Answered on 12/29/08, 11:49 pm


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