Posted on: 01st Oct, 2009 06:11 pm
By statute, are mortgages in Florida recourse or non-recourse loans
Florida is a nonrecourse state
Hi Guest,
As far as I know, Florida is a recourse state. Most of the loans in Florida are recourse, unless mentioned otherwise in the promissory note. Thus, in case of a judicial foreclosure the lender has the right to come after the borrower to recover the deficient amount.
As far as I know, Florida is a recourse state. Most of the loans in Florida are recourse, unless mentioned otherwise in the promissory note. Thus, in case of a judicial foreclosure the lender has the right to come after the borrower to recover the deficient amount.
what is mean by recourse and non recource state?
In non-recourse states, mortgage lenders can not sue borrower for deficit amount.
on the other hands, In recourse states, mortgage lenders has all the rights to recover their money back
on the other hands, In recourse states, mortgage lenders has all the rights to recover their money back
Thats correct the lnder can come after you for the deficient amount
When you foreclsoe or shorsell or even do a deed in lieu tha lender cna come after the difference once the process is complete
When you foreclsoe or shorsell or even do a deed in lieu tha lender cna come after the difference once the process is complete
Standard definations are as below-
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That will vary from state to state