Daytona Beach, FL asked in Foreclosure for Florida

Q: Can the bank also seize anything else on our property we live in, like an RV?

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1 Lawyer Answer
Jennifer Isaksen
Jennifer Isaksen
  • Foreclosure Defense Lawyer
  • Bushnell, FL
  • Licensed in Florida

A: Your question is in the foreclosure section, so I assume the bank is foreclosing on your real property, maybe your home, and you are wondering if they can take any of your other "stuff." The bank is limited to whatever collateral is described in the Mortgage (or other documents used to secure your loan, such as a Financing Statement). Most often, a home loan is secured by the Mortgage that contains the legal description of the property subject to the Mortgage and that's it. There are cases where a mobile home is on the property and the VIN may also be included in the legal description contained in the Mortgage, but generally, you will just see the legal description, which would include the land, the house and all fixtures, and that is what the lender is entitled to take in order to repay the loan. It doesn't include your RV, your dog, your motorcycle or your recliner. Those were all purchased and/or financed under separate agreements and more likely than not, would not be subject to foreclosure of a mortgage against your home. That being said, in the event that the bank is successful in foreclosing your home and the home value is less than the amount claimed in the Foreclosure Judgment, they could seek a Deficiency Judgment against you for the difference. In that case, that Deficiency Judgment would become a lien against your other personal property and you could lose your RV and other assets for payment. For this reason, you would want to defend the foreclosure case with all available defenses in order to limit your potential exposure long term. Hope that helps!

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