Florida Mortgage Deficiency Judgments

A deficiency judgment refers to a mortgage lender’s judgment against the borrower after a foreclosure for the difference between the outstanding balance of the mortgage note, plus costs and attorney’s fees, and the value of the property foreclosed. For purposes of the deficiency liability, the foreclosed property “value” is the fair market value on the date of the foreclosure sale auction.
The foreclosed house’s value does not depend upon how much a bank ultimately sells the foreclosed property.
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