ASK A LAWYER-Reader's Protection Homestead is Safe

Orlando Sentinel, December 28, 2009

Question:
My wife and I have a second home that we rent out, but owning two homes is proving to be too much for us financially. If we default on the mortgage for the second home, and the lender obtains a deficiency judgment against us, can the lender collect the judgment by foreclosing upon our primary residence?

R.C.
Orlando

Answer:
If the lender on the second home obtains a deficiency judgment against you, the lender cannot collect upon that judgment by foreclosing or otherwise forcing a sale of your primary residence if that residence is your protected homestead property.

In Florida, protected homestead property is the property upon which a Florida resident's primary residence is located. It does not matter how much the property is worth, but there is a size limitation. Protected homestead property is limited in size to a half acre if it is located within city limits and 160 acres if it is located in an unincorporated area.

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Frank Pohl founded Pohl & Short, P.A. based upon the belief that a high quality small commercial law firm was needed in the Orlando, Florida area as an alternative to the large commercial law firms. He still believes that client responsiveness and satisfaction has a place in a fast changing legal profession. Frank has been involved in the Central Florida community for more than twenty-five years. He has been a dedicated past board member of many local organizations over the years. Frank graduated magna cum laude with a B.G.S. Degree from the University of Miami in Coral Gables, Florida; attended the University College at the University of London as an undergraduate studying British literature and British history; obtained his Juris Doctorate Degree in 1979; and obtained a Masters of Law and Letters Degree (LL.M.) from New York University School of Law in 1980. Frank is a member of The Florida Bar, the California Bar, and the District of Columbia Court of Appeals. He is also admitted to the U.S. Supreme Court. He has served on the Orange County Bar Association Real Estate Committee and is a member of the The Florida Bar’s Real Property and Corporation and Business Law Section. He has also served on the Florida Bar Grievance Committee.