House Forclosed In Florida, Pinellas County, Deficiency Judgement
A house of mine forclosed 2 weeks ago. I bought it at overprice. Mortgage is about $200k. If the property is auctioned by the mortgage company after forclosure for $150, will they try to get the $50K from me?
What is the law in Florida for DEFICIENCY JUDGEMENT? Are they going to get my car, my computers and stuff? Help me PLEASE!!!
They may have many options, including some that can make them money, depending on circumstances.
Is there enough equity in it to make it a candidate to flip? They could use there credit cards to close and flip it with a double close and pay off the cards before any interest accrues. Is their contract assignable to another buyer? If the housing market is appreciating, they might be able to assign it to another buyer, depending on how they worked the sales contract.
Or, they could lease/option or sell subject to the existing mortgage if the market there suits that alternative.
If all else fails, they can walk away and leave their downpayment with the builder...
This property to be built is located in Las Vegas. Let me know if you would like more information.
private messaged you
This is just my opinion and I am not a legal expert. My sense is that you are likely OK. When you filled out the loan documentation you did so with the intent on moving. You were not trying to mislead the lender. Your position is strengthened if you have a written letter of a teaching position near your new property.
You might check your loan documents to see if there is an acceleration clause if you fail to live in the property, and if not and it were me, I would wait until the lender approaches you. At that point I would hammer home that you intended to take a job there but you received a more attractive offer to stay in CA. You can back this up with any documentation you may have indicating your intent to move.
I am sitting here next to my loan officer and he says that mainly you just have to have the intent to live there. You should be fine.
[addsig]
If your loan has favorable terms, there is no need to refi after the PPP period has passed. The only issue is whether or not you deceived the lender when applying for the loan, and from what you said, you did not.