Saw an article on one of the RSS feeds I receive talking about deficiency judgments here in Florida and thought one of the points the author related was worth mentioning to everyone. You can read the full article here (deficiency judgments). If you live in a state; California comes to mind, but there are others, that do not allow deficiency judgments this won't apply completely, but it is still a good idea to consider.
The author, Doreen Hemlock, of the Fort Lauderdale Sun Sentinel is writing about the ability of banks to go after a deficiency judgment here in Florida once a home has been foreclosed or sold as a result of a short sale. She suggests that if you also have checking, savings, or other accounts with the same bank that was the lender for the mortgage loan, you should close these accounts as the bank "may" be able to easily access these accounts to satisfy the deficiency judgment.
Sounds like prudent advice in any case, to even change banks prior to the foreclosure or short sale.
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