Legal Question in Real Estate Law in Florida

recourse rules in Florida

If we have to foreclose or do a short sale, can the bank go after any or all other assets including property within the state? The home we live in is homesteaded; the other property we have is not(one is a condo we rent out/ the other is a small plot of land)


Asked on 6/05/09, 7:53 am

1 Answer from Attorneys
Lawrence Tolchinsky Sackrin & Tolchinsky, P.A.

Re: recourse rules in Florida

It depends on what the Promissory Note says. The Promissory Note related to the property being foreclosed should have deficiency language. That language states whether the lender can sue you personally if the mortgage is not paid in full.

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Answered on 6/05/09, 9:24 am


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