FLORIDA KNOWLEDGE CENTER

A deficiency judgment is the result of a judicial foreclosure, the process by which a lender takes you, the borrower, to court in an attempt to receive a judgment for the amount that they claim you owe them above and beyond the principal and interest you owe on your loan.

In most cases, lenders do not pursue homeowners who have lost their homes to foreclosure and thereby incur a deficiency judgment. Although they may receive a 1099 income statement, lenders realize that they average person who looses their home to foreclosure, most likely will not have the funds to make due on a deficency judgment.

In certain states, most notably California, homeowners may not be liable for any deficiency on their mortgage, provided that the mortgage you have on your home is the original one you took out when you purchased the home. This "purchase money" security interest provision means that under California law, you are not entitled to pay deficiencies on your mortgage unless you have refinanced the mortgage since you bought the home. 2nd mortgages which were taken out at the same time as the "purchase money" or original mortgage may also be covered by this provision, however you must consult a legal professional for advice pertaining to your own situation.

In most states, the lender will not pursue obtaining a judgment to cure deficiencies unless the amount owed as a deficiency is very substantial. This is due primarily o the high cost of working through the courts ina judicial foreclosure. Most lenders prefer a non-judicial foreclosure.

If you are seeking information about a deficiency judgment, chances are you are looking down the barrel of a trustee or sherrif sale of your property during a foreclosure. You still may have options to refinance if you have equity in the property (30% or more), and if not you may consider other options. Contact us at 954-475-8787 for more information about foreclosure refinancing.

Florida Mortgage Rates

Getting the right Florida Mortgage Program and Rate is probably the most important part of choosing your Florida Mortgage Loan. Having the best Florida Mortgage Rates will save you thousands of dollars through out the course of the mortgage Loan.

At American Mortgage Rates, we strive on finding the best Florida Mortgage Program and Rate possible for you, the client! Our Licensed Florida mortgage brokers constantly educate them selves on the latest and best Florida mortgage programs to better serve you. There are many different loan programs to choose from which all have different Florida Mortgage Program and Rate, so by staying educated in this area allows us to find you the best Florida Mortgage Program and Rate possible.

Fortunately, due to our production in the mortgage industry we have been able to meet certain standards with our lenders and banks. These standards allow us to pass additional savings to you the client because of our preferred pricing on our Florida Mortgage Program and Rate. Your Florida mortgage broker should go over all the possible Florida Mortgage Program and Rate when choosing your Florida Mortgage.

When inquiring about a Florida Mortgage to your Florida Mortgage broker, be sure to ask about what kind of pre-payment penalty that is associated with that particular Florida Mortgage Program and Rate, some Florida Mortgage Program and Rate have no pre-payment penalty where some have very high penalties. This is something your Florida Mortgage broker should go over with you when choosing the best Florida Mortgage Program and Rate for you.

Feel free to call or inquire over the web about today's Florida Mortgage Program and Rate, we will be happy to quote today's best Florida Mortgage Program and Rate that we have available to us.

Since we work with many Lenders we get the best Florida Mortgage Program and Rate available where when dealing with one particular bank they are limited to there own loan products where they might not have the best available Florida Mortgage Program and Rate that day, when banks compete with each you the savvy mortgage shopper could take advantage of this by working with a real good Florida Mortgage Broker who is up on the Florida Mortgage Program and Rate.

A fixed rate mortgage is a mortgage that has a fixed interest rate for the term of the fixed rate mortgage term. This means your principal and interest payment will not change for the entire term of the loan until it is paid off. A 30 year fixed rate mortgage means that you mortgage is fixed for 30 years. A 15 year fixed means the same that your payment will not change for 15 years and then your mortgage will be paid off.

An Adjustable rate mortgage is a mortgage that has an adjustable interest rate for the term of the mortgage. This means your principal and interest payment will change for the entire term of the loan until it is paid off. Adjustable mortgages can adjust monthly, yearly, or sometimes mat be fixed for 2, 3, 5, 7 and 10 years and then start to adjust more often.

For more information about our many loan programs and Florida Mortgage Program and Rate please call us at 954-475-8787 or fill out our short mortgage form.

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