Legal Question in Real Estate Law in Florida
Foreclosure
Is the state of Florida a non-recourse state or can a lener file for a deficiency judgement after a short sale or foreclosures is concluded?
1 Answer from Attorneys
Re: Foreclosure
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A lender can get a deficiency judgment after a foreclosure sale. The purpose of the short sale is to avoid any deficiency as the lender accepts the property which is turned over voluntarily instead of having a lengthy and costly foreclosure. Any short sale should be conditioned on a total release by the lender of any monies due.
Scott R. Jay, Esq.