Posted on: 22nd May, 2012 03:54 am
I now have a house in South Carolina which is a (homestead) and I am 67 and living on social security.
If and when I get a deficiency judgment in Florida. How will it effect me?
If and when I get a deficiency judgment in Florida. How will it effect me?
My first and homestead house went to foreclosure 2 years ago, how do I know if I have a deficiency judgment in process, or can the lender fill at any time for the next 20 years?
Hi dantheman,
If there is a deficiency judgment against you, then the lender will be able to come after you in order to recover the deficient balance resulting from the sale of the property. However, they won't be able to come after your social security income as it is exempted from any kind of lien.
To Gabriela,
You can contact the court and check out if any deficiency judgment had been filed against you. Moreover, if you receive a 1099c at time of tax filing, then it will prove that your deficient balance has been forgiven and you're liable for the tax payments on that forgiven amount.
Thanks
If there is a deficiency judgment against you, then the lender will be able to come after you in order to recover the deficient balance resulting from the sale of the property. However, they won't be able to come after your social security income as it is exempted from any kind of lien.
To Gabriela,
You can contact the court and check out if any deficiency judgment had been filed against you. Moreover, if you receive a 1099c at time of tax filing, then it will prove that your deficient balance has been forgiven and you're liable for the tax payments on that forgiven amount.
Thanks