The Mortgage Deficiency Judgment, its on the Public Records for 20 years and it can cause so much havoc in your financial life. IF there is one reason to attempt a Short Sale, this is it….to avoid that Judgment…… Although some banks, such as Bank of America and Chase will not waive their right to pursue a future collection in a short sale, it is always better than a mortgage foreclosure. Read this very interesting article published by Florida Realtors that addresses this topic……
Worried that your bank might go after your other assets if you’re late on the mortgage or lose your home to foreclosure?
It can happen in Florida, especially if a bank sells your foreclosed house and doesn’t recoup the full loan amount and if you’re a big-dollar borrower. Read entire article here: Bank can go after other assets in Florida if you default on mortgage
