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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39145
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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My second home is in foreclosure in Florida. My mother cosigned.

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My second home is in foreclosure in Florida. My mother cosigned. She is 89 and not wealthy. Short of bankruptcy, is there a deficiency protection for her?
Hello,

Florida law does not have any antideficiency law. The only protection that is available is between spouses who are named on title as "tenants by the entireties," and then only where only one spouse is the borrower on the loan.

Bankruptcy would be the only legal solution. However, if your mother has few if any assets, and her income is solely from Social Security, then she is what is known as "judgment proof." This means that even if she has a judgment against her, there is nothing for a creditor to have the sheriff seize and sell. Consequently, in most cases, someone of extended age with no source of income other than Social Security, and no assets to speak of (other than perhaps a principal residence), bankruptcy may be unnecessary to protect them -- because they are judgment proof.

Please let me know if my answer is helpful, or if I can provide further clarification or assistance.

And, thanks for using justanswer.com!
Customer: replied 3 years ago.

Thank you so much for your prompt answer. Does it matter if I don't attend the hearing? If I file My own bankruptcy, does it place an automatic stay on this case as well as my home case?

Does it matter if I don't attend the hearing?

A: If you mean "attend" the "foreclosure" hearing, then no it does not matter if you attend.

If I file My own bankruptcy, does it place an automatic stay on this case as well as my home case?

A: Yes, and yes.

Hope this helps.
socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.

Very helpful...you're the best. Blessings.

Thank you. I'm truly flattered. Best wishes.