Florida Foreclosure - Can I Walk Away From My Home?
A Florida homeowner can walk away from a home, but will face foreclosure. This decision should be considered very carefully. Why?
Florida Foreclosures are starting to take a turn for the worst. In Florida, once a home is sold on the Courthouse steps, the lender must apply the monies received from the purchase to the balance of the loan. When I first started practicing law, deficiencies were unheard of, as home prices consistently went up; however, as we all know, those days are memories.
Now, it seems that all the homes being sold on the Courthouse steps are for less than the outstanding balance. Once the lender applies the proceeds of the sale to the outstanding balance, the borrower could be responsible for the remaining deficiency.
In the last two weeks, I've seen several lenders, mortgage companies and banks starting to pursue deficiencies against the former homeowners.
More on this later.....
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, Naples and Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog. Mr. Dellutri also writes for the firm's other blogs: www.faircreditreportingactblog.com and www.fairdebtcollectionpracticesactblog.combankruptcy blog.
