Tags: deficiency judgment
I have 2 homes in Florida. If I have to let the one house go, can Countrywide come after my life savings. Will they put a judgement on me?
November 19th, 2008 by Jarad S.Question: I have 2 homes in Florida. My primary residence has a very high payment because our other house never sold. I am having a hard time making the payments. My job of almost 20 yrs was outsourced over seas. I am working a temp job until February. If I have to let the house go, can Countrywide come after my life savings. Will they put a judgement on me?
Answer: -More than likely the loan was created with the home being sufficient collateral, so in the event you couldn’t pay, the loan company would take the house. So they can’t come after your life savings. However, they can come after you with a deficiency judgment which is the difference between what you borrowed and what you sold it for. If filed, then yes you would have to pay them what the difference is. This is more common in mortgage states. You can see what what your states primary security instrument is and research the laws for your state.
