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Answered
What Happens When a Property Sells for Less Than the Final Judgment Amount?

Hello,
I noticed that the For case # 502023CA011968XXXXMB property sold for $263,600.00 while the final judgment amount was $327,048.70. Could you please update me on the status of the remaining balance? Specifically, I would like to know whether the deficiency has been waived or if any further action will be taken.
Thank you in advance!

Posted one month ago
  
  
Votes Newest

Answers 3


The bidder/winner is not responsible for any of it, they get the certificate of title and they are done.

When a property sells at foreclosure for less than the final judgment amount, the lien holder has the option to pursue a deficiency judgment, but it is not automatic. After the sale is confirmed, the lender decides whether to waive the deficiency or file a separate action to collect it.

If you look at the lien amount on this property, I believe it was $243k, so although the FJ was higher, the lender got their principal and some legal fees back, so that I am guessing is all they wanted. That or the plaintiff didn't setup auto bidding up to FJ amount, they just set to lien amount.

If they choose to pursue a deficiency, it would appear as a new court filing rather than part of the foreclosure case.

You can continue to monitor the docket for any new filings, but won't be anything showing that a deficiency has been pursued for a while.

Posted one month ago
  
  
Damon Simon
197 × 5 Administrator

Thank you, Damon! where to find docket for new filing?

Posted one month ago
  
  

In the same county, instead of checking the Official Records, go to the Civil Case Records (or Court Records) at the Palm Beach Clerk website: https://www.mypalmbeachclerk.com/records/court-records
Search using the civil case number and you’ll be able to see the entire case history, including all docket entries.

Posted one month ago
1
1
Fernando Alonso
368 × 3
Pro Member
  
  

Great info, thank you!

avani desai   one month ago Report

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