Re: Florida Foreclosure

Posted by Julio Martinez-Clark on January 30, 2008 at 10:17:10:

In Reply to: Florida Foreclosure posted by Mike on January 30, 2008 at 09:08:41:

Mike,

1. Q. DO I need to be personally served in Florida for the foreclosure process to
proceed ??
A. No, according to the Florida Rules of Civil Procedures (RULE 1.070. PROCESS
) you can be served by mail (A plaintiff may notify any defendant of the
commencement of the action and request that the defendant
waive service of a summons). You can also be served with Service by Publication
(Service of process by publication may be made as provided by statute.)


2. Q. If I am not served does this mean I cannot be sued for a deficency ??
A. You will only be sued for deficiency if the creditor (mortgage lender in this case)
gets a final judgment in foreclosure, your property is sold at auction and the lender
determines that makes financial sense and it's cost effective to bring another lawsuit
against you for the mortgage deficiency. I recently wrote an article about this titled
"Homeowners’ Dilemma: To be or not to be in Foreclosure"
( )
"In regards to a mortgage deficiency judgment, it depends on your state laws.
Generally, if your first mortgage/lien holder forecloses on the property, it isn't that
common to see that the first purses deficiency judgments because it's usually the
larger loan, and its goal with the foreclosure is to take the property and then sell it
and get their money back (or most of it); again, it depends on your state laws and the
disposition of the 1st to pursue a deficiency judgment. In the case of a second
lien/mortgage holder, under current market conditions, it could very well be wiped
out at the sale (nobody bids in your home and the 1st will take it back) and then in
order to make you pay, it will try to harass you (phone calls, letters) and perhaps sue
you to get a judgment against you that can be enforced by garnishing your wages,
bank accounts, other personal and real property that you may own, and seizing and
selling your assets to satisfy the debt. Many homeowners are concerned about
personal liability from mortgage foreclosure deficiency judgments. Although they
accept loss of equity, if any, in property which is foreclosed by their mortgage lender,
people are afraid of a deficiency judgment. "

I hope this helps,

Julio Martinez-Clark

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