Attention Homeowners in Pensacola Florida and Surrounding area.
Navigate the Complexities of Avoiding Foreclosure With Our Seasoned Real Estate Expertise
It Can Happen to Anyone!
I am Jack, a real estate agent with 25 years of experience in the Pensacola, Florida real estate market. I am a pre-foreclosure expert, where I have helped numerous property owners avoid foreclosure. The experience I bring to the table allows me to find solutions and when that is combined with tenacity, success follows.
Deficiency Judgement
In Florida, lenders are allowed to pursue deficiency judgements in the event of foreclosure. However, it's essential to consult local laws and regulations for the most current information. Below is a general discussion of what foreclosure deficiency judgements entail.
What is a Deficiency Judgement?
When a home is foreclosed and subsequently sold, either at auction or through a real estate transaction, the selling price may not be enough to cover the mortgage balance, unpaid interest, and associated costs of the foreclosure process. The difference between the sale price and the total debt is known as the "deficiency."
In Florida, lenders can go to court to obtain a "deficiency judgement," a legal order that requires the borrower (you) to pay the remaining deficiency amount.
There are Alternatives to Foreclosure
Facing foreclosure can be a challenging situation for homeowners. There are eight options that homeowners may explore to avoid foreclosure or mitigate its impact. Keep in mind that the availability of these options can depend on individual circumstances, lender policies, and local laws.