Judgment Enforcement In Florida

[Oshay]

Hello,

I am in the final stages of a short sale, but there is a chance I will not accept that offer that the bank is giving me. If I do not accept, and it leads to a foreclosure, what is exempt in the state of Florida ?

I am mostly worried about my IRA, my car (worth about 5k), my savings (about 4k).

Does anyone know what could be targeted in this example ?

Thanks!

[Rushkin]

Your other post --is the note covered by FL's antideficiency/nonrecourse provisions

[Rodge]

Why are you asking about Florida when you show North Carolina in your profile?

 

[Harti]

Florida is a judicial foreclosure, recourse state. 

While I suppose it is possible to have non-recourse language in the note, I have never seen it, and why would any lender do it?  The homestead provisions in FL apply to the primary residence, and if it is being forclosed, you loose that protection.  In FL, as in any other state, your 401k/IRA is exempted from creditors by federal law.

[kenway7]

Not my area of smarts--but apparently in FL one can have either a recourse note or a non recourse note--and the difference can be a whopper factor - makes sense to sort it out...-and that is in addition to the protection issues if the home is your homestead.

[Cesar]

I am not sure. I looked through my paperwork, but couldn't find anything in regards to it.

[Clyff]

Within the improbable event the lender were to follow a deficit after foreclosure, you can record bankruptcy and guard all the issues you listed.  Portis issue is essential although, as homestead rights in FL just use when the home is the main residence.  should you reside in NC, it's not.