FHA And Probability Of Mortgage Deficiency Judgments In FL
Hello,
How probable is that a FHA guaranteed Mortgagee pursues a mortgage deficiency judgment against a borrower (mortgagor)?
The questions comes because we submitted a short-sale on behalf of a homeowner in FL, and it wasn't approved by the Mortgagee/Lender because it doesn't fit into FHA's strict short-sale guidelines. Now the homeowner is concerned about the Mortgagee pursuing a mortgage deficiency judgement. The property is worth about $58k (ARV), owes about $51k and needs about $15k in repairs.
Thanks.
Julio
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