Legal Question in Real Estate Law in Florida

I own a second home in Florida. I paid $100K for it. It is now worth $15K. I am unable to rent it. If it goes to foreclosure what happens to the deficiency?


Asked on 10/18/10, 3:31 pm

1 Answer from Attorneys
Shelly Schellenberg MI & FL private practice

If you have money, a job or assets, the bank will go after you for the deficiency. Unless you are on the brink of bankruptcy, you do not get any relief. The government bailouts only benefit the banks that lent more than the property was worth, and the irresponsible homeowners who bought more than they could afford. Keep this fact in mind when you vote in November.

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Answered on 10/23/10, 4:50 pm


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