If the bank forecloses on property (in FL) and gets very low offers at auction, so low they decide to hold it until the market gets better, am i still liable for a deficiency judgement if the bank sells the property years later for less than the mortgage amount. In other words is there any time window after which you can no longer be liable?
On a 120,000 mortgage how likely is it that the bank would hold it if the best offer (currently) at an auction was only 50-60K. FYI - its a condo so upkeep and maintenaince would be far less than a home. Does anyone know if banks are holding properties longer (in order to recoup more later) now that the market is so bad in FL.
PS - i know there is a time window for the bank to pursue the deficiency judegement against me or they loose the opportunity to do so, i am not confusing this with that issue.