Explain What a DEFICIENCY JUDGMENT in Florida means
The deficiency judgment in florida is nothing new. The foreclosure action is brought by the plaintiff lender and the lender may request a deficiecny action in the foreclosure. This is common in judicial foreclosure of which the state of florida is a judicial foreclosure satte. This means the foreclosure is through the courts.
Many deficiency judgments in foreclosures are not requested at the time of the foreclosure. A lwasuit may be brought years later for a cause of action based on a written contract which has a 5 year stateute of limitations in the state of florida. The world will not be around as we know it in 5 years; nevertheless, a cause of action for a defeiciecny lawsuit years later is not something that a homowner shoudl desire to see. You should know whether or not the loan is recourse of non-recourse first and then try to meka the loan payments on time and not to default causing a summons or complaint to be filed and in-hand service on the homeonwer in the state of florida for a foreclosure lawuit.
There will be more on what a deficieny judgment is and what judgement is and this is regardless of whether or not the judgement is mispelled as judgement such as deficiency judgement where the judge can rule against the homeowner and cause a judgment for the deficiecnt. Incidentally, there is no 'e' in judgment. Well maybe there is one 'e' but there are definitely not two e's in judgment if you spell deficiency judgment correctly. Have a nice day and avoid the default judgment at all costs.
FLORIDA FORECLOSURES AND DEFICIENCY JUDGMENTS EXPLAINED.