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Author Topic: In FL.If a person walks away,lender sues,get judgement,can they garnish?  (Read 1722 times)
MotivationalSpeaker
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« on: September 07, 2010, 07:56:53 PM »

This was already posted at DB.But its a FL. specific query.
FlyingIFR gave me an answer and no dis-respect to him/her , but I am going to ask it here.
This was the answer
"
A Deficiency Balance after the sale of collateral is always an Unsecured debt, because the lender already sold the collateral."

My query continues.
IOW is a mortgage ,a unsecured debt ,after the lender gets back the prized property?
Would it then be a deficiency judgment (DJ)? So I guess the question is;
 Is  a DJ after the collateral is returned,then an unsecured debt ,just like a CC debt?
The person is not interested in short sale or working with the lender (too much bait and switch/hassle).
Ive read about the head of household (HOH)exception and basically the first 500-ish/week is exempt.
I have a decent grasp of what HOH is.
The house has no second , not adjustable and up to date on payments.
Just way underwater and my "friend" is itching to move.
So even if the creditor got a judgment , its not garnish-able?
Then subject to std. SOL just like CC debt?
An added wrinkle. Would it follow the judgee (if you will)to another state?

Thank you
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Fighting the Good Fight in FL
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« Reply #1 on: September 08, 2010, 02:38:56 PM »

IOW is a mortgage ,a unsecured debt ,after the lender gets back the prized property?

I would think so...but not the whole mortgage, just the amount still owed. Usually, a deed in liue of forclosure wipes the whole mortgage out, but not neccessarily. It will depend upon the deal you make with your lender.


Is  a DJ after the collateral is returned,then an unsecured debt ,just like a CC debt?

No. a Judgment is not the same as a debt, which has a SOL that judicial action must be taken witihn. A judgment is enforced by the courts and has a SOL of 20 years in Florida, and can be renewed continously...

So even if the creditor got a judgment , its not garnish-able?

That will depend upon the garnishee's situation. HOH and such...

An added wrinkle. Would it follow the judgee (if you will)to another state?

 I do belive that judgments can be transfered, via the courts, to other states.


You need to understand the difference between owing a debt and the judgement. If the house sells for less than the mortgage, then the lender may or may not pursue a defeciency judgment through the courts. A DJ is not a garuantee for the lender but I am not knowledgable on the exact procedure they follow to get one.
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