Florida Recourse/non-recourse? Anti-deficiency?

[Stuck_In_FL]

Quite a bit of conflicting info to be found lately on these subjects. Sample situation: single mortgage, purchase money loan in FL. No 2nd or HELOC and 1st has not been refinanced. Home is primary residence and has Homestead Exemption. Loan has PMI. The way I understand it is if the home goes into foreclosure, given the anti-deficiency statues that Florida carries, the lender has no recourse but to take back the home and sell it to recover their loss. They cannot come after the homeowner/borrower for any deficiency. I'm not clear on what, if any, action the PMI company can bring against the homeowner if they pay the lender on the loss. This of course assumes the lender did not recoup their losses with the sale of the home. Seems to me they could subrogate against the homeowner but I have yet to read anything that deals with this aspect of foreclosure fallout. People post that Florida is a recourse state then someone posts a list of states that are non-recourse and florida is on that list. Very confusing. Anyone want to chime in on this? Thanks.

[Stuck_In_FL]

4+ days and 100 views and nothing eh?

[LadyDoveFL]

I wondered the same thing when I read thru the posts a few months back... Today, I attended a Home Foreclosure Workshop that was put together by our local House Representative; I asked around, and the answer that I got was that Florida is a RECOURSE state.

[Marshall Rosenbach Esq.]

I'm sorry I did not see this before. The granting of a deficiency judgment is the rule rather than the exception, unless there are facts and circumstances creating equitable circumstances justifying the court's denial of the deficiency. So generally speaking, yes, there will be a deficiency judgment.

[Stuck_In_FL]

So I should take that to mean that Florida is a Recourse state and has no anti-deficiency statues?

[Enough Already]

Unfortunately, that's correct. FL is a recourse state and the mortgage company will likely get a deficiency judgment right along with the foreclosure.

We're in FL too, and we've decided to try for a short sale, or wait until the foreclosure happens and try to negotiate a settlement with the bank.

Sorry to give you the bad news.

[Lola8]

ah, Florida laws...
and then local and state gov't hopes we'll get out of our real state nightmare soon, riiiiight!