Chances of winning deficiency judgment in Florida?

[hydrarkt]

I asked this in another forum but I think that this is the appropriate place:

The bank which held a HELOC for my former primary residence has file suit against me in Florida to collect the debt of around $80,000. I short sold my condo in Escambia county and the holder of the HELOC released the lien for a payment of $3000, which I paid. They are now suing me for the debt. I have hired an attorney. What are the chances that I will win the suit if it goes to court. I can afford to pay the debt. I own some investment real estate in another state but there is no equity in them due to the housing market.

[despritfreya]

What did your attny tell you?

Without knowing all of the details of the transaction, my initial thoughts are that unless you got a complete release of the underlying promissory note (not just a release of the lien against the property) you owe the balance and the lender has the right to sue to collect. I do not see a defense to the suit - but, again, we do not know the details.

Des.

[hydrarkt]

My attorney will fight on technicalities but I don't see a win for me. Does Florida use wage garnishment for this type of debt? If so, is it common to get wage garnishment for this?

[despritfreya]

Does Florida use wage garnishment for this type of debt? If so, is it common to get wage garnishment for this?

I don't practice in Florida but it does appear garnishment to collect on a judgment is limited.

The following is a general "frequently asked question" answer to collecting on a judgment in Florida that I found with a quick Google search. . .

http://www.clerk.co.okeechobee.fl.us...%20Florida.pdf

The following is the Florida Statute regarding garnishment of wages in . . .

Statutes & Constitution :View Statutes : Online Sunshine

Hope the links work.

Des.

[hydrarkt]

Thanks,
I read those. I'm also wondering how often garnishment of wages is granted for HELOC debt. Is this common?

[kman-uw]

I asked this in another forum but I think that this is the appropriate place:

The bank which held a HELOC for my former primary residence has file suit against me in Florida to collect the debt of around $80,000. I short sold my condo in Escambia county and the holder of the HELOC released the lien for a payment of $3000, which I paid. They are now suing me for the debt. I have hired an attorney. What are the chances that I will win the suit if it goes to court. I can afford to pay the debt. I own some investment real estate in another state but there is no equity in them due to the housing market.

hydrarkt
Any update on your case..I hope something worked out in ur favor. Can you pl's update ur situation.

[TooBee]

I don't practice in Florida but it does appear garnishment to collect on a judgment is limited.

The following is a general "frequently asked question" answer to collecting on a judgment in Florida that I found with a quick Google search. . .

http://www.clerk.co.okeechobee.fl.us/PDF%20Files/How%20To%20Collect%20a%20Judgment%20In%20Florida.p df

The following is the Florida Statute regarding garnishment of wages in . . .

Statutes & Constitution :View Statutes : Online Sunshine

Hope the links work.

Des.

i keep telling you to come to florida!! we NEED you here.

[despritfreya]

i keep telling you to come to florida!! we NEED you here.

Is this my dear friend TB???? Well hello, nice to see you on a different site.

Des.

[TooBee]

likewise des

and ONE of these days you may take me up on the offer! (the entire state of florida only wishes)

[MyHAMP]

Is this my dear friend TB???? Well hello, nice to see you on a different site.

Des.

Hi Des, I guess you and TooBee aren't the only members from the BK-forum over here:

MyHAMP - aka. IBroke

[despritfreya]

Hi Des, I guess you and TooBee aren't the only members from the BK-forum over here:

MyHAMP - aka. IBroke

Well hello to you too. You folks need to start using the same handles at different sites. Gets too confusing for me, especially in my old age.

Des.

[TooBee]

Hi Des, I guess you and TooBee aren't the only members from the BK-forum over here:

MyHAMP - aka. IBroke

lol!!! nope and hiya IBROKE aka MyHAMP!!!!!!!!!!!... if you are out there! GREAT to see you too!! it's me tobee43 aka TooBee...or not i guess.

i see there are a few of us moving about.

we come in peace Cat! ROFL!!!! this is a GREAT site, it's really good to see you help so many it's what it's all about, sharing and helping.

[TooBee]

i tried to use tobee43 for some reason it didn't take it so i tried to get as close as possible, i was sure if anyone was from the bk forum they would recognize the avatar.

at least i know it's you des, lol! now IBROKE i wouldn't have guessed at all.

[MyHAMP]

at least i know it's you des, lol! now IBROKE i wouldn't have guessed at all.

Haha..it certainly is hard to tell that the cat I used on both Forum-Avatars is the same. Your Avatar is identical so I knew exactly who you were. I was quite active on this forum before I engaged in my BK-filing. I learned a lot on this board about HAMP - and since I was aiming at obtaining a HAMP for our home, I picked a matching name.

[TooBee]

you are so clever!

this is a GREAT forum. extremely informative about loans and more. i can barely see your avatar, they are smaller LOL!!

[Cat Damiano]

lol!!! nope and hiya IBROKE aka MyHAMP!!!!!!!!!!!... if you are out there! GREAT to see you too!! it's me tobee43 aka TooBee...or not i guess.

i see there are a few of us moving about.

we come in peace Cat! ROFL!!!! this is a GREAT site, it's really good to see you help so many it's what it's all about, sharing and helping.

I love that members from other forums find this forum helpful, I actually get really good information from the BK forum as well. This is how Des came to be here, when I posted their article information in regards to reaffirming or not reaffirming your mortgage after a BK 7, and we so appreciate their help. That article post is very detailed and helpful when making that decision.

[TooBee]

des is that's forum hero, and probably a hero to many that's IMMostHumbleO....

well, cat, i think you may be finding more and more people wandering over, so i hope you don't feel like it's an invasion of the bk-forum avatars LOL!!!

that post of des's is an excellent resource for so many. the two forums intertwine, i think. many are now facing the loan modification rush on with the banks, or their foreclosures stopping in a flash of second, only to be left with the house they thought they were done with. etc. i think that's were this forum is so good!!

i have read some really excellent information here as well. many would and do benefit from this forum. it's great to learn new things. reading about these loan modification stories and experiences is really so helpful to many. i guess, just like those folks dealing with a bk and for many of them combined with a foreclosure, judgements, law suits, the whole gambit!

[despritfreya]

Oh dear Lord, TB. . . you are too kind but you do know I do not consider myself any sort of "hero". I just post to help in some way. And Cat, that reaff thread was started because I am so dead set against reaffirmation agreements. . . period. I don't think anyone could make an argument for it that in any way, shape or form, would change my mind.

Loansafe does have some great stuff and it helped a dear friend of mine right about the time I joined. This forum was a godsend for both of us. It gave my friend the info and drive to get the modificaiton and it kept me sane by keeping him/her on the right track.

OK, I am going back to lurking.

Des.

[Cat Damiano]

Oh dear Lord, TB. . . you are too kind but you do know I do not consider myself any sort of "hero". I just post to help in some way. And Cat, that reaff thread was started because I am so dead set against reaffirmation agreements. . . period. I don't think anyone could make an argument for it that in any way, shape or form, would change my mind.

Loansafe does have some great stuff and it helped a dear friend of mine right about the time I joined. This forum was a godsend for both of us. It gave my friend the info and drive to get the modificaiton and it kept me sane by keeping him/her on the right track.

OK, I am going back to lurking.

Des.

I am so glad that LoanSafe was able to provide your friend with the tools necessary to achieve a modification. Thank you for sharing this.

[TooBee]

lol!! back to lurking des, like superman flying through cyberspace helping to save the world!

des, i believe you have no clue just how many people you have helped!