Foreclosure State Of Florida
Foreclosure State Of Florida
In the state of Florida there sentence deficiency after foreclosure?
In Florida, foreclosure does not mean automatically result in deficiency judgments. If you lose a property in foreclosure does not mean you will be personally liable for money owed to the entity credit. A decree against the deficiency of the borrower's foreclosure sale the mortgage lender must file a motion for deficiency after the foreclosure sale and the court must hold a hearing to request independent testing of the lender's deficiency liability. At the hearing of evidence the mortgage lender must show the court evidence that the value of property on the date of sale was less than the account balance. The borrower may get your own evaluation, or use the government's tax assessed value as evidence of value. If the property is worth more than the account balance at the date of sale the Court will not mortgage the lender a view of the deficiency against the borrower. The borrower can provide evidence of value in the form of a formal assessment or less formal opinions of value, as the local government tax assessed value.
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