Florida Foreclosed Homes For Sale
December 29th, 2008
Florida Foreclosed Homes For Sale
Question: Should I sign a foreclosure deficiency agreement in Florida?
I'm trying to do a short sale on my primary home in Florida. The value has fallen by over 50% and I'm 12 months behind on payments. The 1st lender is ok with the short sale, but the second lender won't receive anything and is requesting that I sign an agreement for a deficiency notice. They also gave me the option of signing something assuming the tax liability for their loss.
Should I sign either of these, or is it better to let the property foreclose?
If I do sign one, what is the consequence and possible recourse?
Thanks, for your help!
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Answer: WHOA, without seeing docs, not sure what they're asking, but sounds like they want you to affirm the loan and once security (home) is gone, they want personal liability. Or that they will give you 1099C, which means you will have income on which to pay tax next year.
Seek legal advice before signing any of these things or letting it go in foreclosure. Initial consultation cheap or free.
Homes for sale under $50,000 in South West Florida Lehigh Acres Will Suprise You
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