Mark Lentz Real estate serving Tamarac FL
  1. Mark Lentz
  2. Complete Real Estate Options
  3. Guiding You Through The Real Estate Maze
  4. Office: 954.300.5633
  5. marklentz@completereo.net

What Is A “Deficiency Judgment”?

 

Generally speaking, in Florida, if the amount the property sold for in a short sale (or the fair market value in a foreclosure sale) is less then what the lender is owed they can petition the courts to hold the mortgagor (you) accountable for the difference. This is called a “Deficiency Judgment”.

 

The lender has up to 5 years after the sale of the property to petition the courts for the deficiency judgment. Once awarded they have up to 20 years to collect it.

 

Part of Complete Real Estate Options service is to negotiate with the lender in an attempt to get them to cancel or, if not yet awarded, to waive the deficiency judgment.

 

The lender cancelling or waiving the right to pursue a deficiency judgment is not automatic. Some lender will not give that right up. If that is the case you do have other legal options, one of which is bankruptcy.

 

This is for informational purposes only. We suggest that you seek legal consul for all legal advice.  

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