Legal Question in Real Estate Law in Florida
I'm planning to purchase a property. Seller informed me that she had a foreclosure on another property and the lender of that other property is asking her to pay back the deficiency amount not collected at the foreclosure sale. I'm not sure if that lender automatically has a deficiency judgment from the time of the sale or it is something they have to file for separately.
Am I running the risk of a judge later vacating my purchase? I'm asking in the case of a scenario where the lender on the other property obtains a deficiency judgment and tries to reverse this sale suggesting it was to evade collection.
Thank you for your time and expert answer
1 Answer from Attorneys
Hire an attorney to assist with the closing. Don't go it alone. Purchase a title policy so you are protected. Deficiency judgments are not automatic, they require a judge to assess them after the sale of the property is completed. A Judge cannot vacate your sale later on unless there is some fraud involved. If there is a pending judgment for a dollar amount in the foreclosure case, in all likelihood, you will have a problem getting a title policy and that should highlight why you need an attorney.
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