Posted by REGuy on June 04, 2009 at 13:13:57:
Either lender or successor note holders could obtain a judgment against you/co-sginor The liklihood depends upon if they think you have money. You can always settle with them. You’ll get 1099 for the deficiency. DIL/SS highly unlikely.
Probability of deficiency judgement in Florida? - Posted by nj
Posted by nj on June 03, 2009 at 09:51:16:
As of today I am current on two pieces of land in florida. I have exhausted every option and can no longer afford the payments. I’ve been to a local attorney (NJ) who based on my situation advised me that a foreclosure is my best option. I of course hope to negotiate with my lenders to obtain a deed in lieu or short sale. The lenders are Riverside Bank/FDIC and Suntrust. I am worried about the latter due to the possibility of them issuing a 200k+ judgement against me and my co-signer. Can anyone with some real world experience weigh in on this question? Will Suntrust be successful in doing this? What does it mean to me to have a judgement against me? Perhaps someone can point me to a FL real estate lawyer? Thanks very much.