If it's not bad enough to lose your home to foreclosure, you may still be liable for the deficiency amount. That's the difference of what's owed on your mortgage loan and what the bank could sell for at an auction.
One of the greatest shocks is for those borrowers who have sold their home via a short sale arrangement where the bank approved selling the property for an amount less than the mortgage debt.
Unlike many other states, in Florida, if you are foreclosed upon and the mortgage balance exceeds the property's value, the Bank will likely try and come after you for the balance. That process is called a deficiency judgment.
If the Bank gets a deficiency against you, the deficiency judgment will be recorded in the public records and will be collectable for up to 20 years. In fact, even after you die the Bank can collect against your estate.
It's quite unfortunate, but when Florida homeowners walk away from their homes and mortgages without hiring an experienced foreclosure defense attorney they expose themselves to the likelihood of having their wages or bank accounts garnished. The Carman Law Firm makes every effort to prevent our clients from ever being subjected to a deficiency. Whether we end up modifying their loan, arranging a short sale or deed-in-lieu of foreclosure, the Carman Law Firm will make every effort to not let our clients be subjected to a deficiency judgment.
That said, the Carman Law Firm is proud to say that it has not had a deficiency judgment entered against any of their clients.
When you work with us, you will be working with a team who believes in bringing you all the information and skills we can. We consider it our duty to help you analyze your situation, and we will provide you with every detail to ensure you make the most informed decision. We can also assist you with settling your credit card debt for pennies on the dollar and provide active credit repair, helping your credit score rise as quickly as possible after a short sale or strategic default.
The Carman Law Firm can assist those in need of debt and mortgage relief. With many options available and trusted answers to questions that someone might have about regarding credit card debt, short sales, loan modification, foreclosure and strategic default.
Begin protecting your family's best interests today; Call the Carman Law Firm
at 1-800-763-0775 for an informative and free comprehensive consultation on how the Carman Law Firm can help you.