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If you get foreclosed on a piece of property in Florida, and you own a piece of property in another state, will the bank try to get that piece of property?

Question posted for: Jacksonville, FL

2 answers

1146
Best answer (in zach_fl's opinion)

You should indeed seek legal advice as, with most real estate issues, regulations vary from state to state and you should be informed specifically about the rules applying to your jurisdiction.

Generally speaking, only the property used as collateral can be taken by the bank as part of the foreclosure process, which if taken to the final step would result in the forced sale of the property. If the proceeds of that sale are not sufficient to meet the amount owed, the lender may seek a deficiency judgment to address the gap. The bank may be able to go after other assets when pursuing a deficiency judgment after foreclosure; although retirement funds are generally protected, other property may not be.

Once again, you should retain legal advice to check the laws pertaining to your state.

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102 Pro-badge

google "florida real estate attorney" - ask one of them -

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