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bb7400
62 Posts |
 Posted - 02/27/2008 : 09:32:33 AM
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In Florida is there any personal recourse on a foreclosed property?
Can a bank put a lien on primary property if a borrower were to let their investment go to foreclosure?
I pretty sure I know the answer just wanted to double check.
Thanks
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mganovsky
1679 Posts |
Posted - 02/27/2008 : 09:48:40 AM
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Not sure if we are considered a recourse or non-recuorse State but I will find out.
As far as whether or not a lender can put a lien on another piece of property when one is foreclosed on, I would say NO!!!!. But on the other hand if the Lender files a deficiency judgement and he has alot of equity in the Primary the Judge may order it to happen but I would think this is un-likely. He will just have a judgement at worst on his Credit Report. |
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bb7400
62 Posts |
Posted - 02/27/2008 : 09:57:33 AM
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Thanks Mark!
That was my thought as well but didn't want to mistake my states rules for Florida rules!
Let me know the answer about recourse or non-recourse!
BB |
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isitfree
705 Posts |
Posted - 02/27/2008 : 10:27:59 AM
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In Florida the lender can obtain a deficiency judgment immediately (rarely happens) or up to four years later (likley to happen if they are collectible).
A judgment becomes a blanket lien in Florida and the debtor must take an affirmative action prior to refinancing or selling the property by notifying the judgment creditor that the property is homesteaded.
So, it does attach, but the debtor needs to remove it when the time comes to sell or refi. |
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bb7400
62 Posts |
Posted - 02/27/2008 : 10:43:37 AM
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And since I know the question will come up, to remove the attached judgement the homeowner would pay it/settle it or are there other choices?
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isitfree
705 Posts |
Posted - 02/27/2008 : 1:54:08 PM
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NOTICE OF HOMESTEAD
To: (Name and address of judgment creditor as shown on recorded judgment and name and address of any other person shown in the recorded judgment to receive a copy of the Notice of Homestead).
You are notified that the undersigned claims as homestead exempt from levy and execution under Section 4, Article X of the State Constitution, the following described property:
(Legal description)
The undersigned certifies, under oath, that he or she has applied for and received the homestead tax exemption as to the above-described property, that _____ is the tax identification parcel number of this property, and that the undersigned has resided on this property continuously and uninterruptedly from (date) to the date of this Notice of Homestead. Further, the undersigned will either convey or mortgage the above-described property pursuant to the following:
(Describe the contract of sale or loan commitment by date, names of parties, date of anticipated closing, and amount. The name, address, and telephone number of the person conducting the anticipated closing must be set forth.)
The undersigned also certifies, under oath, that the judgment lien filed by you on (date) and recorded in Official Records Book _____, Page _____, of the Public Records of __________ County, Florida, does not constitute a valid lien on the described property.
YOU ARE FURTHER NOTIFIED, PURSUANT TO SECTION 222.01 ET SEQ., FLORIDA STATUTES, THAT WITHIN 45 DAYS AFTER THE MAILING OF THIS NOTICE YOU MUST FILE AN ACTION IN THE CIRCUIT COURT OF __________ COUNTY, FLORIDA, FOR A DECLARATORY JUDGMENT TO DETERMINE THE CONSTITUTIONAL HOMESTEAD STATUS OF THE SUBJECT PROPERTY OR TO FORECLOSE YOUR JUDGMENT LIEN ON THE PROPERTY AND RECORD A LIS PENDENS IN THE PUBLIC RECORDS OF THE COUNTY WHERE THE HOMESTEAD IS LOCATED. YOUR FAILURE TO SO ACT WILL RESULT IN ANY BUYER OR LENDER, OR HIS OR HER SUCCESSORS AND ASSIGNS, UNDER THE ABOVE-DESCRIBED CONTRACT OF SALE OR LOAN COMMITMENT TO TAKE FREE AND CLEAR OF ANY JUDGMENT LIEN YOU MAY HAVE ON THE PROPERTY.
This _____ day of _______________, 2_____.
______________________________
(Signature of Owner)
______________________________
(Printed Name of Owner)
______________________________
(Owner's Address)
Sworn to and subscribed before me by ______________________________ who is personally known to me or produced ______________________________ as identification, this _____ day of _______________, 2_____.
______________________________
Notary Public
http://tinyurl.com/2turfw
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bb7400
62 Posts |
Posted - 02/27/2008 : 2:27:11 PM
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Thanks! A really appreciate the help!
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isitfree
705 Posts |
Posted - 02/28/2008 : 09:18:15 AM
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quote:
Originally posted by bb7400
Thanks! A really appreciate the help!
You're welcome. |
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lucky1s
3339 Posts |
Posted - 02/28/2008 : 09:25:11 AM
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Does that get recorded in the county of the subject property?
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isitfree
705 Posts |
Posted - 02/28/2008 : 1:14:48 PM
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quote:
Originally posted by lucky1s
Does that get recorded in the county of the subject property?
"...a person who is entitled to the benefit of the provisions of the State Constitution exempting real property as homestead and who has a contract to sell or a commitment from a lender for a mortgage on the homestead may file a notice of homestead in the public records of the county in which the homestead property is located..."
Yes. |
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