Legal Question in Real Estate Law in Illinois
what state laws apply in deficiency judgements? The property is in Florida, I live in Illinois, The bank loan goes to Alabama. Which state laws do I follow?
3 Answers from Attorneys
The quick answer is: Florida.
Real Estate is (almost) always governed by its location.
It is possible, though unlikely that there is a �choice of law� clause in the mortgage. Read your papers, but 99% of the time that will not be an issue. When people sign these mortgage papers (we) almost never red them carefully. There's always a push on to hurry up and get them signed and there can be an unread choice of law clause.
A choice of law clause would be less likely if this is residential property. Commercial property law is more flexible.
If the property is in Florida then Florida law should apply.
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