How is borrower eligible for the MGTF?
A borrower is eligible to seek a recovery from the trust fund if all the following conditions are met: a) The borrower has a recorded final judgment issued by a state court based on violation of Chapter 494 and damages were the result of that violation b) There is a writ of execution on the judgment and there is no debtor property that can be found or sale of the debtors property is insufficient to satisfy the judgment c) The borrower has searched for the debtors property and has discovered no property or the amount of the debtors property is insufficient to satisfy the judgment d) The borrower has applied all amounts received from the debtor to the judgment amount e) At the time that the action was instituted, the borrower gave notice by certified mail the OFR; this may be waived with good cause f) The debtors act occurred on or after January 1, 2011 (F.S. 494.00172 (a)-(f) Any person who meets all the conditions above may apply to the OFR for compensation from the MGTF for the unpaid
Related Questions
- Is there a website that lists all of the qualifying schools and locations at which a borrower could teach to be eligible for teacher loan forgiveness?
- Can a borrower still get compensated by the MGTF if the licensee files bankruptcy?
- What are the eligible sources of borrower equity and can they be borrowed?
