Posted on: 28th Dec, 2010 01:12 pm
We have two houses. One that is payed for and has no mortgage. And a second home which is underwater and going into foreclosure. Can the bank come after the first home(which we live in and is homesteaded)for a deficiency judgement? We did not use the home we live in as collateral for the second home. Both homes are in Florida.
Hi sundancecountrygentleman,
As the first home is homesteaded, I don't think the lender will be able to come after that property after the foreclosure of your second home. Nevertheless, you'll be liable for paying the deficient balance. Deficiency judgments are quite common in Florida. If you have some other property, then the lender can place a lien on that in order to recover his dues.
Thanks
As the first home is homesteaded, I don't think the lender will be able to come after that property after the foreclosure of your second home. Nevertheless, you'll be liable for paying the deficient balance. Deficiency judgments are quite common in Florida. If you have some other property, then the lender can place a lien on that in order to recover his dues.
Thanks