Understanding Deficiency Judgments
Deficiency judgments are a nasty byproduct of foreclosure in which the bank is owed more money than a property is worth. As Florida’s real estate market continues to fall, many homeowners are weighing the option to let their loans go into default, even if they can afford to keep making their payments. If you default on your mortgage payments and allow your home to go into foreclosure, it is referred to as strategic default.
At Kingcade Garcia McMaken, we understand that this option may seem appealing. However, choosing to accept foreclosure may be riskier than you might think, because of Florida’s deficiency judgment laws. When a lender is not able to sell a foreclosed property for the amount owed on it, the lender can sue the former homeowner for the difference.
Talk To A Professional If You Owe More Than What Your House Is Worth
If you owe your lender more than your home is worth, speak to an experienced Florida deficiency judgments lawyer before you make any decisions or stop making your monthly payments.
At Kingcade Garcia McMaken, we have helped more than 15,000 people find debt relief through Chapter 7 and Chapter 13. Bankruptcy is intended to give people a second chance, a fresh start. If you have questions regarding how bankruptcy impacts your assets and personal property, contact our bankruptcy attorneys at Kingcade Garcia McMaken today to schedule a free, confidential consultation.