There are many problems with recourse and non-recourse mortgage loans. The bigger problem has to do with recourse loans when the lender is seeking a deficiency judgment in a florida foreclosure. Much is said about these deficiency judgments - whether you call it a deficiecny judgment, summary judgment, default judgement, or even if you mispell it as a deficiecny judgement - the consensus is that deficiecnyc judgments in florida are bad news.
Look at these artcles discussing florida deficiency judgments and post a comment to let me know that we are looking at the florida foreclosures the same was as the courts may or may not interepret these judgments. I will check back to see the comments that you have made and then we can discuss the deficiency judgments in more detail after examining the collectibility of a judgment in a foreclosure action in florida specifically.
Try not to obtain an FHA mortgage in Florida when you have a judgment to be concerned about. The liklihood of obtaining a mortgage loan with a deficiecny are slim to none and -you guessed it - Slim just left town. Thanks for reading and please post a comment to let me know your thoughts about deficiency judgments.