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Foreclosure in Westchester : Real Estate Advice

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  • Local Info5
  • Home Buying12
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Activity 3
Thu Oct 25, 2012
Ron Thomas answered:
The short and nasty answer is; probably!
Florida is a RECOURSE State; meaning that they can seek a DEFICIENCY JUDGEMENT against homeowners who default.

We haven't seen too much of D.J. yet;
it can vary from State to State,
The time elements for when they can file can vary;
The Federal Government is leaving it up to the States, so far.

One of the biggest questions may be;
Does the defaulter have a bunch of hidden assets, and can the Bank disclose them?

Good luck and may God bless
... more
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Sat Jan 23, 2010
Scott Godzyk answered:
Simply put, yes they can. If you own multiple properties in your name or the name of a llc or realty trust then they can lein the other properties or seek an attachment through court for the shortfall on the one being foreclosed. You should try a work out with the bank whether it be a loan modification, short sale or deed in lieu of foreclosure to avoid teh foreclosure at all cost. good luck working things out. ... more
0 votes 15 answers Share Flag
Mon Oct 26, 2009
Dallas Texas answered:
Ask your bank if you can do a short sale better than a foreclosure good luck
0 votes 3 answers Share Flag
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