[mango23]

Originally Posted by Sunny-Days90

The current statute retains the Seven-year periods for judgments recorded between July 1, 1987 and June 30, 1994,[ii] but for judgments recorded after June 30, 1994, the initial period shall be 10-years.[iii] A lien may be extended for an additional 10-years by rerecording a certified copy of the judgment, prior to the expiration of the lien.[iv]

Publication - Florida Judgment Liens on Real Property

This is where Lily is getting the 20 years.

10 years plus the additional if they can get the extension.

The only way out of it I can see would be to file BK or if you are on SS in which they cannot touch the money or garnish the money you get.

I believe they also cannot go after any retirement accounts, 401k's etc.

Most people who are going to do this already move any assets into a protected 401k so the banks cannot touch it.

I give some of these people credit, they are way ahead of the game and have planned out what they are going to do ahead of time.

Some assets are only protected temporally, such as a homestead. They can't go after your house buy they can sit in wait till you sell it. Meanwhile the lein is growing. The idea no one can take your house is only true in a sense. It's possible you may never be able to sell it.

[vaughanwilliams]

Originally Posted by ognend

I am so sick of that holier than thou attitude of some of us doing the right thing while others are just walking away. I have a house that I am $100K under water on - bought it to be my first home, when I bought it I had positive equity in it, now it is under water. On top of that it is smack dab in the middle of the Acreage cancer cluster. Nobody wants to buy in here and maybe I don't feel comfortable risking getting sick to "do the right thing". But, the lender doesn't give a damn. All they see is $$$. Even if it wasn't for the cancer cluster, how does it make sense to hang onto something that will take 6-10 years to just get back to zero equity?

Wake up, businesses do this all the time. They walk away on investments they have taken and later realized will not produce profit. Nobody judges them when they dispose of a bad investment. Also please do not preach the theory how it is a home we are talking about here. American culture has long abandoned the concept of a permanent dwelling, as witnessed by the ongoing crisis. Everything with a pulse was buying and selling homes. The whole building industry is built around the fact that Americans are mobile and that the homes are going to change hands withing a few years. That is why they are all built to look the same and have the same orientation of internal rooms. Finally, the banks/lenders barely ever hang on to your mortgage for longer than 15 minutes nowadays. My mortgage got sold three times in the last two years of its existence.

Everyone's case is different. Anyone thinking of walking on their mortgage should consult an attorney and be ready to go to court. Most likely there will be no court but it could happen. Marital assets are protected from creditors in Florida, as I understand it. A smart guy once told me: keep your assets together and your debts separate. You can read in between the lines of the last sentence and how it would affect your situation if you had the mortgage note only in one of the spouses' names. At least this is my understanding of the laws, I might be wrong, but, anyone can find out within one hour and a few hundred bucks for a consult with a bankruptcy attorney, They will tell you what your outlook is regarding any possible litigation regarding your mortgage. I also heard that in FL the lender has only five years to pursue any deficiency judgment - again, check with your attorney.

Your mileage might vary, isn't that what they say?

Just curious- do you want to bail on your mortgage because you've lost a job, or because it's not worth what you paid for it? I'm not judging, just wondering.

[ognend]

Originally Posted by vaughnwilliams

Just curious- do you want to bail on your mortgage because you've lost a job, or because it's not worth what you paid for it? I'm not judging, just wondering.

I am not bailing. I decided to go the route of taking the house off the grid, installing a solar system, starting an organic garden etc. It will raise the value of the house and make it fun for me to live in and will get me some federal tax credits. I also don't want to be chased down by some sh*tty bank. Now, that doesn't mean I don't hate the banks with a passion - in my opinion they should have let them all fail and only the strongest survive. The fact that we came to rely on them for sheer survival is pathetic. I guess the same is going on now with BP, we have allowed one corporation the ability to destroy the environment and the economies of a few states single handedly. There are other industries in this country that have a systemic failure risk too, for example, the food/meat industry has only 3-4 players. Nobody talks about that - I guess nobody cares. Anyways, I digress. I did get an opinion from an attorney about "what if I walked". Every now and then I entertain the idea but it is just too much hassle. I do think you are morally justified in walking away if it makes economic sense even if you can afford the mortgage. Business do it all the time.

[vaughanwilliams]

@ogned-Sounds like a great plan. Ironic thing about solar technology-years ago, many of the patents were bought up by Standard Oil which became American Oil which became Amaco which was bought by-BP. I've installed miles of solar panels, and every one had a BP logo on them, no matter where they were made. I wonder how far the industry would have advanced if it wasn't controlled by a profit driven oil Corporation.

[ognend]

Originally Posted by vaughnwilliams

@ogned-Sounds like a great plan. Ironic thing about solar technology-years ago, many of the patents were bought up by Standard Oil which became American Oil which became Amaco which was bought by-BP. I've installed miles of solar panels, and every one had a BP logo on them, no matter where they were made. I wonder how far the industry would have advanced if it wasn't controlled by a profit driven oil Corporation.

Even more ironic thing - nowadays people have organic gardens but noone cares about underground water pollution, soil pollution etc. No way to measure it and no way to know what you are eating is healthy even though it is grown without pesticides....

[Momma_bear]

Originally Posted by ognend

I think we are not talking about the same thing. I am not a lawyer but I think the bank has five years to pursue you in court for a deficiency. If they don;t do it within five years, you are off the hook. Again, this is what I have heard, I could be wrong.

My husband is a lawyer, admitted in FL and he says that on a mortgage the bank has 20 years to pursue a deficiency judgment. Many people are acting as if the banks won't bother to pursue them because they are swamped right now. The thing they are forgetting is that the banks can SELL those deficiency judgments and the new owners may be much more aggressive in collecting on those judgments than the banks.

I highly recommend that any borrower doing a short sale here in FL get a WRITTEN agreement that they are released from the debt at closing. Do not rely on verbal confirmation. While the person sitting across the table may have no intention of throwing you under the bus, the next guy to pick up the file may not care.

[gypsychic]

Originally Posted by Momma_bear

My husband is a lawyer, admitted in FL and he says that on a mortgage the bank has 20 years to pursue a deficiency judgment. Many people are acting as if the banks won't bother to pursue them because they are swamped right now. The thing they are forgetting is that the banks can SELL those deficiency judgments and the new owners may be much more aggressive in collecting on those judgments than the banks.

I highly recommend that any borrower doing a short sale here in FL get a WRITTEN agreement that they are released from the debt at closing. Do not rely on verbal confirmation. While the person sitting across the table may have no intention of throwing you under the bus, the next guy to pick up the file may not care.

Just to be clear, in Florida, the lender has 5 years to file, and up to 20 years to collect after judgment.

[ognend]

Originally Posted by gypsychic

Just to be clear, in Florida, the lender has 5 years to file, and up to 20 years to collect after judgment.

That's right - that's actually what my attorney told me. If they do not file within 5 years, they have no recourse.

[Tonyslaw]

I also live in the cancer cluster and have a 5 year old daughter. To someone to preach moral values is a joke unless they pay my mortgage and living expesnses. Banks are scum bags and they do anything for a penny, thats business, period. Now, just because we are the people, dont mean we need to bend over and let them spank us. There are many things you have to keep in mind when giving your home away. The main issue here is a deficiency judgement. This is how really works. Once the bank sells the house for less after forclosure, they can and will get a judgement for the deficiency. Once they do this it would be enforsable for twenty years once the tewnty years they can request another 20 years. The 5 year period is for filing a delicuency judgement, not for collecting it. Now because it would be very costly for banks to enforced the collection, they might and will sell this notes cheap to a bunch of collectors. Now, if you dont have enough assets and low salary, you can file BK7 as long you pass the mean test. If you make to much money and your disposable income is high, you would be required to file Bk13. Now, that dont mean you are in the clear, you still would have to pay depending your disposable income alot of money depending how much you make is 3 years or 5 uears. For us we make to much money and filing BK13 would be a 5 year with 100% meaning I would end paying the bank deficiency 300,000. Wont make sense to us. Just remeber dont trust what a BK lawyer tells you. READ, READ and learn. Remember its your life and future. Also mwhen people talks about moral, well if you dont like it come and move to the cancer cluster and dont forget to bring your kids. I would be more than welcome to sell my house to you for pennies on the dollar. Good Luck!!!
READ-READ-READ-READ

[Gatornation]

Originally Posted by Tonyslaw

I also live in the cancer cluster and have a 5 year old daughter. To someone to preach moral values is a joke unless they pay my mortgage and living expesnses. Banks are scum bags and they do anything for a penny, thats business, period. Now, just because we are the people, dont mean we need to bend over and let them spank us. There are many things you have to keep in mind when giving your home away. The main issue here is a deficiency judgement. This is how really works. Once the bank sells the house for less after forclosure, they can and will get a judgement for the deficiency. Once they do this it would be enforsable for twenty years once the tewnty years they can request another 20 years. The 5 year period is for filing a delicuency judgement, not for collecting it. Now because it would be very costly for banks to enforced the collection, they might and will sell this notes cheap to a bunch of collectors. Now, if you dont have enough assets and low salary, you can file BK7 as long you pass the mean test. If you make to much money and your disposable income is high, you would be required to file Bk13. Now, that dont mean you are in the clear, you still would have to pay depending your disposable income alot of money depending how much you make is 3 years or 5 uears. For us we make to much money and filing BK13 would be a 5 year with 100% meaning I would end paying the bank deficiency 300,000. Wont make sense to us. Just remeber dont trust what a BK lawyer tells you. READ, READ and learn. Remember its your life and future. Also mwhen people talks about moral, well if you dont like it come and move to the cancer cluster and dont forget to bring your kids. I would be more than welcome to sell my house to you for pennies on the dollar. Good Luck!!!
READ-READ-READ-READ

Another thing that would be interesting is if within that 20 years they come for you more than once. If year 5 you aren't making enough but in year 15 you are.