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Ellen, Lawyer
Category: Real Estate Law
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Experience:  25 years of experience helping people like you.
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Is florida a non-deficiency state like california in the wake

Customer Question

Is florida a non-deficiency state like california in the wake of a short sale of a condo; if not; what can I expect afterwards?
Submitted: 8 years ago.
Category: Real Estate Law
Expert:  Ellen replied 8 years ago.

Florida does not have an anti-deficiency statute. Deficiency judgments resulting from foreclosure can be obtained in Florida.

A lender can take action to collect on a deficiency judgment, including garnishing bank accounts and other assets.

One possible solution is called a "deed in lieu of foreclosure".

This procedure allows you to transfer your property voluntarily to your lender or Mortgage Company in exchange for forgiveness of your indebtedness.