Q: Can the lender go after my spouses assets for a Deficiency Judgement?
A: They cannot go after you unless you are on the note and mortgage.
answer
Q: Am I personally liable in Florida for more than the home’s value at the time that the loan is repaid if I am doing Short Sale.
A: Florida is Non-Recourse Mortgage State with Anti-Deficiency Statutes.
In a non-recourse mortgage state, borrowers are not held personally liable for more than the home’s value at the time that the loan is repaid. The lender may recoup some of its loss through foreclosure. However, the lender may not sue the borrower for additional funds. If the foreclosure sale does not generate enough money to satisfy the loan, the lender must accept the loss. Each non-recourse state has its own anti-deficiency statutes that prohibit lenders from seeking judgments.
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