You have seen that bandit sign at the intersection that says STOP FORECLOSURE call Mr. Miracle at 555 BIG SCAM. Here is an opportunity. Mr. Miracle who looks talks a lot like P. T. Barnum and Elmer Gantry all rolled into one, suggests that you deed your house to him subject to the mortgage. What does that mean? In Florida, it means that you have deeded your house to Mr. Miracle He owns it. It is his. You need to move out or pay him rent. He owns the house but you owe the mortgage. You owe the mortgage. You signed a promissory note when you got the mortgage. You personally promised to pay back the money. If you don’t, the bank will sue you for a deficiency judgment. What is a deficiency judgment? It is when the bank sues you and gets a personal judgment against you for the difference between how much you owe and what the house sold for at public foreclosure auction on the courthouse steps when Mr. Miracle did not catch up and make the payments like he said he would.
Oh well. You can always declare bankruptcy unless you have already done that and the bank waits until you have done that to sue you. Don’t those judgments expire? Yes they do in twenty years. In Florida the creditor can take your assets. take your bank account, garnish your wages, aggravate you for a long time
Wouldn’t it make more sense to get a little more information before you deed your house to Mr. Miracle.
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Here is another idea. Let’s do nothing! Yeah do nothing. Just sit back and wait for the foreclosure auction. It’s not your fault that you are in this fix anyway. It’s the bank”s fault. It’s the real estate agent’s fault. It’s the government’s fault. Do nothing is just a little bit better than deeding your house to Mr. Miracle. If you do nothing, in Florida, it will take about six to ten months for the foreclosure process to happen.Your house will be sold on the courthouse steps. It will sell for pennies on the dollar or the bank will buy it. You will probably be sued for a deficiency judgment. Your Problems have just begun.
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