Full question:
If my home is foreclosed on and my name is on another property, with my boyfriend, can the bank go after the other property, or other assets, such as vehicles?
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Florida
Answer:
In Florida, if a property is foreclosed and sold for less than the mortgage amount, the lender can seek a deficiency judgment for the remaining balance. This means you may still owe money after the sale. If you co-own another property, the bank can potentially force a sale of that property, but they can only claim your share of the ownership to satisfy the debt. For instance, if you own half of the property and it sells for $10,000, the creditor can only take $5,000 to cover your debt.
Florida law provides some exemptions for personal property from legal claims. For example, you can protect up to $1,000 in value of a single motor vehicle and up to $4,000 in other personal property, provided you do not claim a homestead exemption (Fla. Stat. § 222.25). However, these exemptions do not apply to debts related to child or spousal support.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.