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Are you facing a deficiency
judgment in Florida?
A Collection of Helpful Articles.
Sackrin & Tolchinsky, P.A.
“Good lawyer...
- Read more at:
Aboutfloridalaw.com
2014 Surprise for Florida Underwater Mortgages:
Mortgage Forgiveness Debt Relief Act T...
- Read more at:
Aboutfloridalaw.com
July 2014 Deadline for Older Foreclosure Deficiency
Judgments – Small South Florida Ba...
- Read more at:
Aboutfloridalaw.com
Are Florida Short Sales a Favorite With Florida Lenders?:
Florida Sellers Have Great D...
- Read more at:
Aboutfloridalaw.com
Florida Deficiency Foreclosure Claims: Banks Now Have
One Year Statute of Limitations ...
- Read more at:
Aboutfloridalaw.com
Deficiency Judgments and Past Due Condo Association
Payments
In Florida, one result of...
- Read more at:
Aboutfloridalaw.com
What Happens When Out of State Homeowners Who
Owned Florida Real Estate Face Bank Coll...
- Read more at:
Aboutfloridalaw.com
Florida Legislature Annual Session Begins Today:
Proposed Laws That Impact South Flori...
- Read more at:
Aboutfloridalaw.com
Florida House Bill 87 and “Foreclosure Reform” Passes
Florida House’s Civil Justice Su...
- Read more at:
Aboutfloridalaw.com
Fast Florida Short Sales: Freddie Mac VP Forecasts
Freddie Mac Short Sales Will Zip Th...
- Read more at:
Aboutfloridalaw.com
Florida Short Sales and Florida Foreclosure
Defense Deadline for Tax Benefits is Now
D...
- Read more at:
Aboutfloridalaw.com
Florida Short Sales, Deficiencies, and Taxes: Will 2012
Fiscal Cliff Bring End to Inco...
- Read more at:
Aboutfloridalaw.com
Short Sale Hardship Letters to South Florida Banks and
Proving Home Owner Financial Ha...
- Read more at:
Aboutfloridalaw.com
Florida Short Sale Programs – List of Short Sale
Packages Offered to South Florida Und...
- Read more at:
Aboutfloridalaw.com
Florida Strategic Defaults: Attitudes Are Changing and
Strategic Defaults on Underwate...
- Read more at:
Aboutfloridalaw.com
Federal Housing Finance Agency Pushes Banks to Go
After Home Owner Borrowers for Defic...
- Read more at:
Aboutfloridalaw.com
Florida Short Sales Success: Home Owners Need to Be
Smart and Shrewd in Short Sale Str...
- Read more at:
Aboutfloridalaw.com
Florida Short Sales: New GSE Short Sale Rules from
Freddie Mac and Fannie Mae – How a ...
- Read more at:
Aboutfloridalaw.com
Florida Foreclosure: Why You Shouldn’t Procrastinate If Your
Florida Home is Facing Fo...
- Read more at:
Aboutfloridalaw.com
Florida Deficiency Judgment Overturned by Florida Court:
Bank Loses Deficiency Because...
- Read more at:
Aboutfloridalaw.com
Florida Short Sales Are Booming in Broward County in
2012: 30% Increase From Last Year...
- Read more at:
Aboutfloridalaw.com
Underwater Mortgages Are Huge Problem Per New Zillow
Negative Equity Report: Will Flor...
- Read more at:
Aboutfloridalaw.com
Florida Home Owners Stress Levels on the Rise: New
Laws Mean Flood of 1099Cs, Foreclos...
- Read more at:
Aboutfloridalaw.com
Future of Florida Deficiency Judgments on Florida Home
Mortgages – Will New Laws Limit...
- Read more at:
Aboutfloridalaw.com
Bank Foreclosure Fraud Settlement with the State
Attorneys General: How Much Trickles ...
- Read more at:
Aboutfloridalaw.com
Florida Mortgage Holders: Has Anyone Explained to You About
the CollectionEfforts That...
- Read more at:
Aboutfloridalaw.com
Florida Home Owners Need to Short Sale Now Because
Income Tax Benefit Goes Away End of...
- Read more at:
Aboutfloridalaw.com
Five Things To Know About The Income Tax Break For
Short Sales, Foreclosures, and Loan...
- Read more at:
Aboutfloridalaw.com
New Pew Study Finds Many Americans Think It’s Okay
to Default on an Underwater Mortgag...
- Read more at:
Aboutfloridalaw.com
Congress Fixing Foreclosure Mess: New Bill Proposes to
Limit or Nix Deficiency Judgmen...
- Read more at:
Aboutfloridalaw.com
Florida Deficiency Lawsuits Against Florida
Homeowners Who Walked Away From Their
Mort...
- Read more at:
Aboutfloridalaw.com
Florida Foreclosure Crisis This Week: Feds Intro New
Underwater Mortgage Help Via HARP...
- Read more at:
Aboutfloridalaw.com
Do Florida Home Owners Need to Fight a Deficiency
Judgment When Their is Fraud in Thei...
- Read more at:
Aboutfloridalaw.com
Robosigning Is Still Happening – Shocking Expose by
Reuters Reveals Banks Are Still Fi...
- Read more at:
Aboutfloridalaw.com
89 Different Florida Appraisers Are Listed in FDIC’s
Claims of Fraudulent Appraisals i...
- Read more at:
Aboutfloridalaw.com
Bankers Warned to Think Twice Before Going After
Deficiency Judgments After Last Week’...
- Read more at:
Aboutfloridalaw.com
What is HAFA, What are the Feb 2011 HAFA Changes, and
How Can HAFA Help You If You’re ...
- Read more at:
Aboutfloridalaw.com
Can the Bank Garnish My Wages During a Florida
Foreclosure?
A subject that is a recent...
- Read more at:
Aboutfloridalaw.com
Suspected Lender Fraud Opens Doors for Homeowners
Who Have Lost Their Homes to Claim W...
- Read more at:
Aboutfloridalaw.com
Bank of America Foreclosures – Homeowners’ lawsuits
seeking compensation for wrongful ...
- Read more at:
Aboutfloridalaw.com
Banks Suspend Foreclosures – Possible Fraud on Courts
– Homeowners May Be Entitled to ...
- Read more at:
Aboutfloridalaw.com
False Documents in Florida Foreclosure Cases – Getting
the Word Out
An article in toda...
- Read more at:
Aboutfloridalaw.com
Charges against Goldman Sachs can Help Foreclosure
Defenses on Main Street
The Securit...
- Read more at:
Aboutfloridalaw.com
Lenders Beware – Foreclosure Lawsuits are Going to
Trial!
It used to be when a homeown...
- Read more at:
Aboutfloridalaw.com
Can the Bank Garnish my Wages after Foreclosure if they
are seeking a Deficiency Judgm...
- Read more at:
Aboutfloridalaw.com
Are Foreclosure Defenses Stopping Mortgage
Foreclosures?
The sad reality of today’s ho...
- Read more at:
Aboutfloridalaw.com
Are Prime Borrowers in Florida The Most at Risk for a
Deficiency Judgment?
I have writ...
- Read more at:
Aboutfloridalaw.com
Larry Tolchinsky contributes to a Bloomberg.com article
on Deficiency Judgments
Insigh...
- Read more at:
Aboutfloridalaw.com
Florida Deficiency Judgments – What is Fair Market
Value?
A deficiency in the Florida ...
- Read more at:
Aboutfloridalaw.com
Who is Liable for The Mortgage Deficiency? Heirs or the
Estate?
A client contacted me ...
- Read more at:
Aboutfloridalaw.com
Walking away from your Home Mortgage: Can You Do So
Without Consequences?
As the value...
- Read more at:
Aboutfloridalaw.com
Florida Deficiency Judgments: What is The Rest of the
Story?
As a follow-up to my earl...
- Read more at:
Aboutfloridalaw.com
Deficiency Judgments in Florida: What Are They and Will
I have to Pay?
A deficiency in...
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Florida Deficiency Judgments

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A compendium of articles about Florida Deficiency Judgments, including discussion about the current state of the law. Created by Sackrin & Tolchinsky, P.A., publishers of the AboutFloridaLaw.com

For more information or to discuss a problem you need help resolved, call us at (954) 458-8655 or visit us at our website at HallandaleLaw.com.

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Florida Deficiency Judgments

  1. 1. Are you facing a deficiency judgment in Florida? A Collection of Helpful Articles. Sackrin & Tolchinsky, P.A. “Good lawyers are, first and foremost, good people…”
  2. 2. - Read more at: Aboutfloridalaw.com 2014 Surprise for Florida Underwater Mortgages: Mortgage Forgiveness Debt Relief Act Tax Break Has Not Been Extended – Deficiency Will Be Taxed in 2014 What happens now, in Florida and across the nation, is that anyone who negotiates their underwater home in a short sale, or who has their home sold in a foreclosure sale, will face not only the loss of their home but the reality of possibly paying taxes on the balance left on that mortgage.
  3. 3. - Read more at: Aboutfloridalaw.com July 2014 Deadline for Older Foreclosure Deficiency Judgments – Small South Florida Banks and Credit Unions Increasingly Aggressive on Deficiency Collection Efforts According to the new Florida Fair Foreclosure legislation, the deadline for a bank to sue a defaulting home owner for the amount left on a mortgage after a foreclosure (the deficiency) was changed from 5 years to 1 year, regardless of when the cause of action accrued.
  4. 4. - Read more at: Aboutfloridalaw.com Are Florida Short Sales a Favorite With Florida Lenders?: Florida Sellers Have Great Deals for Buyers – How Florida Short Sale Lawyers Can Help. Short sales historically have been good buys for Florida buyers because they get a property for less than its true market value. Sellers are relieved of the burden of an underwater house and are able to get on with their lives, and banks get the property off their books, and deal with the seller on the deficiency issue.
  5. 5. - Read more at: Aboutfloridalaw.com Florida Deficiency Foreclosure Claims: Banks Now Have One Year Statute of Limitations Deadline to Pursue the Deficiency In Florida, when the mortgage balance is more than the sales price of a home in foreclosure, there is a ―deficiency‖ – stated another way – the deficiency is the amount due the lender when the sale proceeds in a short sale are not enough to pay the loan balance.
  6. 6. - Read more at: Aboutfloridalaw.com Deficiency Judgments and Past Due Condo Association Payments In Florida, one result of the past few year’s foreclosure fraud crisis has been chaos for condo associations across the state as Florida condo unit owners have become delinquent in paying assessments. Often, strapped condo owners make arrangements with their lenders regarding deficiency judgments but fail to do the same with their condo associations. It’s a very risky road to take.
  7. 7. - Read more at: Aboutfloridalaw.com What Happens When Out of State Homeowners Who Owned Florida Real Estate Face Bank Collection Efforts in Their Home State (or Country) Because of a Florida Foreclosure Judgment?: Domesticating Judgments For those who live outside of the State of Florida but who own or owned Florida real estate subject to foreclosure, the possibility of that foreclosure’s deficiency judgment being collected in your resident state is real.
  8. 8. - Read more at: Aboutfloridalaw.com Florida Legislature Annual Session Begins Today: Proposed Laws That Impact South Florida Home Owners In a Big Way Are on the Table The 60-day annual session of the Florida Legislature begins, and the entire country is watching. The next nine weeks are going to be a very important time for Floridians, especially Florida home owners. Things began with Governor Rick Scott’s State of the State address.
  9. 9. - Read more at: Aboutfloridalaw.com Florida House Bill 87 and “Foreclosure Reform” Passes Florida House’s Civil Justice Subcommittee: HB 87 is One Step Closer to Ending Judicial Foreclosures in Florida – This is Dangerous for Florida Home Owners and Florida Real Estate There’s a proposed law being pushed up in Tallahassee once again this year that aims to end Florida’s long-standing judicial foreclosure process, and this year it seems to be gaining strength, though it died a pretty quick death in its earlier version last year.
  10. 10. - Read more at: Aboutfloridalaw.com Fast Florida Short Sales: Freddie Mac VP Forecasts Freddie Mac Short Sales Will Zip Through to Closing in the Future – What About the Deficiencies? The Federal Home Loan Mortgage Corporation (FHLMC), commonly known by its nickname Freddie Mac, is under the control of the federal government these days as the Federal Housing Finance Agency (FHFA) took over conservatorship of both Freddie Mac and Fannie Mac in September 2008. Freddie Mac is under the oversight of this federal agency.
  11. 11. - Read more at: Aboutfloridalaw.com Florida Short Sales and Florida Foreclosure Defense Deadline for Tax Benefits is Now December 31, 2013 After Fiscal Cliff Legislation Signed Into Law Today When you hear the talking heads discuss how Washington has ―kicked the can down the road,‖ for Florida home owners and those Floridians interested in short sales or mortgage foreclosure defense this means one thing: they’ve got one more year to get their property sold.
  12. 12. - Read more at: Aboutfloridalaw.com Florida Short Sales, Deficiencies, and Taxes: Will 2012 Fiscal Cliff Bring End to Income Tax Forgiveness on Deficiencies or Will Florida Short Sales in 2013 Have Forgiven Mortgage Debt as Taxable? For many months now, we’ve been monitoring the FIT situation for underwater mortgages, as well as those homeowners facing foreclosure, regarding Florida short sales and the current income exclusion from federal income taxes. In short, back in 2007 a law was passed that excluded any write-off, or forgiven debt, in a foreclosure, short sale, or mortgage loan modification, from being considered taxable income.
  13. 13. - Read more at: Aboutfloridalaw.com Short Sale Hardship Letters to South Florida Banks and Proving Home Owner Financial Hardship for Short Sale Bank Approval: Things to Consider The news is out for October 2012, and once again Florida ranks number one in foreclosures in the United States according to RealtyTrac research. It seems that one in every 312 housing units in Florida was hit with a foreclosure filing in October 2012.
  14. 14. - Read more at: Aboutfloridalaw.com Florida Short Sale Programs – List of Short Sale Packages Offered to South Florida Underwater Mortgage Home Owners: 2012 Short Sale Programs in Broward County Short sales in South Florida are very, very popular these days. Particularly in places like Miramar, Hallandale, Hollywood, Pembroke Pines, Davie, and Fort Lauderdale, more and more short sales are being offered with mortgage banks coming on board to help get these short sale deals done.
  15. 15. - Read more at: Aboutfloridalaw.com Florida Strategic Defaults: Attitudes Are Changing and Strategic Defaults on Underwater Mortgages May be On the Rise in Florida – Why You Need a Lawyer in a Strategic Default Last week, TIME Magazine’s Martha C. White wrote an article asking the following question, ―Is the Stigma of Ditching Your Underwater Mortgage Fading? ‖ and the conclusion reached in that piece shouldn’t be much of a surprise to most anyone living here in foreclosure filled South Florida. The answer is Yes.
  16. 16. - Read more at: Aboutfloridalaw.com Federal Housing Finance Agency Pushes Banks to Go After Home Owner Borrowers for Deficiencies: October 17 Report Wants More Revenue to Fannie Mae and Freddie Mac From Deficiency Collections Watch out: yesterday a new report was released by the Federal Housing Finance Agency (FNFA) (you can read it online here) that finds mortgage bank agencies Fannie Mae and Freddie Mac could increase their revenue by aggressively going after collection of deficiencies on home loans and on deficiency judgments.
  17. 17. - Read more at: Aboutfloridalaw.com Florida Short Sales Success: Home Owners Need to Be Smart and Shrewd in Short Sale Strategies to Get to Closing Before December 31, 2012: Don’t Get Burned in the Fever With pressure building to get short sales done before the end of the year (when the tax exemption for deficiencies expires), it’s becoming more and more important to help buyers find Florida short sale properties as well as helping sellers promote their short sale deals.
  18. 18. - Read more at: Aboutfloridalaw.com Florida Short Sales: New GSE Short Sale Rules from Freddie Mac and Fannie Mae – How a Short Sale in 2012 Helps Sellers Now and When They Buy a Home in the Future Effective November 1, 2012, anyone with a government- sponsored-enterprise (GSE) mortgage home loan that can prove one of the hardships recognized by the federal government may short sell their home even if they are current in their mortgage payments.
  19. 19. - Read more at: Aboutfloridalaw.com Florida Foreclosure: Why You Shouldn’t Procrastinate If Your Florida Home is Facing Foreclosure, or If You Have an Underwater Mortgage. This post is important: people are getting hurt from lack of knowledge and it needs to stop. It’s not just our Florida real estate firm here in Broward County that has lawyers wanting to bang their heads against walls or pull their hair out: all too often, clients come to visit foreclosure defense attorneys all over Florida late in the game – so late in fact, that for some they’ve already lost part of their case. Waiting to deal with Florida foreclosure issues is not only unwise, it can cause real harm to you and your family.
  20. 20. - Read more at: Aboutfloridalaw.com Florida Deficiency Judgment Overturned by Florida Court: Bank Loses Deficiency Because it Fails to Provide Valid Evidence of Fair Market Value Deficiency judgments are a real concern for home owners facing foreclosure or dealing with short sales here in South Florida. Under Florida law, even after the home has been sold and the sales price used to pay down the mortgage amount, the lender still has the legal right to come after the assets held by the home owner in a ―deficiency lawsuit.‖
  21. 21. - Read more at: Aboutfloridalaw.com Florida Short Sales Are Booming in Broward County in 2012: 30% Increase From Last Year According to RealtyTrac (and a 18% Boost in 2012 Short Sales Statewide) Short sales in Florida are happening more and more often; in fact, the good news out of Broward County, Florida, is that short sales have topped the number of foreclosures that were filed in the first quarter of 2012 – and this is big, big news since that hasn’t happened since 2008.
  22. 22. - Read more at: Aboutfloridalaw.com Underwater Mortgages Are Huge Problem Per New Zillow Negative Equity Report: Will Florida Banks and the Powers That Be Do More for Florida Home Owner Short Sales and Loan Modifications? Today, Zillow.com released its research study on the United States’ housing market, ―Zillow Negative Equity Report,‖ and it’s not good news for anyone. From the Zillow experts, in the first three months of 2012: 31.4 percent of U.S. homeowners with a mortgage are underwater.
  23. 23. - Read more at: Aboutfloridalaw.com Florida Home Owners Stress Levels on the Rise: New Laws Mean Flood of 1099Cs, Foreclosure Upswing in 2012 – 2013 It’s very stressful to be a Florida home owner dealing with an underwater mortgage or defaulting on a home loan. Your credit rating is getting zapped, there are all the collection practices by the mortgage lender to juggle, and then there’s the legal process itself – strategizing with your lawyer on your home and mortgage debt, making decisions after weighing the consequences, planning for the future.
  24. 24. - Read more at: Aboutfloridalaw.com Future of Florida Deficiency Judgments on Florida Home Mortgages – Will New Laws Limit or End Bank’s Ability to Sue for Unpaid Mortgage Balance? This week, the proposed Florida Fair Foreclosure Act got one step closer to becoming law when the Florida State Senate Judiciary Committee okayed the foreclosure bill. In the near future, the Florida Legislature should be voting on this proposal and you can track the progress of this bill (SB 1890) online here.
  25. 25. - Read more at: Aboutfloridalaw.com Bank Foreclosure Fraud Settlement with the State Attorneys General: How Much Trickles Down to Help South Florida Homeowners? Not Much. The joint task force investigating foreclosure fraud by banks and mortgage servicers in this country, which brought together the top attorneys for each state in the country, i.e., their Attorneys General, has made a settlement deal according to a news release by the AGs.
  26. 26. - Read more at: Aboutfloridalaw.com Florida Mortgage Holders: Has Anyone Explained to You About the CollectionEfforts That You’ll Face When You Stop Making Your Home Mortgage Payments? Unfair Collection Activities in Florida Mortgage Defaults and Deficiencies A nice article appeared in Reuters this week entitled, ―What Happens When You Walk Away From Your Home?‖ that includes a brief discussion of things we post about here regularly: underwater mortgages in Florida and elsewhere and the various issues that go into deciding whether or not to stop making mortgage payments on a home that is valued so much less than the amount left due on the home loan.
  27. 27. - Read more at: Aboutfloridalaw.com Florida Home Owners Need to Short Sale Now Because Income Tax Benefit Goes Away End of 2012: The Mortgage Debt Relief Act of 2007 Expires This Year Florida home owners concerned about foreclosure and pondering a short sale should get busy and get that short sale process started. Why? There is a countdown to the expiration date of a federal law that will impact them badly if they wait until after the end of 2012 to close on that short sale of their home.
  28. 28. - Read more at: Aboutfloridalaw.com Five Things To Know About The Income Tax Break For Short Sales, Foreclosures, and Loan Modifications That Ends December 2012 As discussed in our earlier post, a major tax break will end on December 31, 2012, that helps Florida home owners facing foreclosures, negotiating loan modifications, or working on a short sale of their home.
  29. 29. - Read more at: Aboutfloridalaw.com New Pew Study Finds Many Americans Think It’s Okay to Default on an Underwater Mortgage: Evaluating Your Options The Pew Research Center is one of the country’s most respected research firms, and here at year end, many are listening to what Pew is reporting regarding Americans’ take on the foreclosure crisis and people not paying their mortgages.
  30. 30. - Read more at: Aboutfloridalaw.com Congress Fixing Foreclosure Mess: New Bill Proposes to Limit or Nix Deficiency Judgments on Homes in Proposed Fairness in Foreclosures Act It’s being called the Fairness in Foreclosures Act of 2011, although it’s proceeding through the United States House of Representatives as House Resolution 3566, and it’s a big deal to a lot of homeowners in trouble all across the country.
  31. 31. - Read more at: Aboutfloridalaw.com Florida Deficiency Lawsuits Against Florida Homeowners Who Walked Away From Their Mortgages: Are You About to be Sued for the Deficiency Balance Left on Your Florida Mortgage? Florida has been in tough economic times for a long while now, and lots of Florida homeowners, stressed and frustrated, have chosen to move on — walking away from their homes and their mortgages
  32. 32. - Read more at: Aboutfloridalaw.com Florida Foreclosure Crisis This Week: Feds Intro New Underwater Mortgage Help Via HARP and Florida Supreme Court Foreclosure Mediation Report is Released HARP was revised this week by the federal government in the hopes that up to 1 million Americans with underwater mortgages can get refinancing through a program overseen by Fannie Mae and Freddie Mac.
  33. 33. - Read more at: Aboutfloridalaw.com Do Florida Home Owners Need to Fight a Deficiency Judgment When Their is Fraud in Their Foreclosure?: Does Foreclosure Fraud Stop a Deficiency Judgment? Florida homeowners in trouble with their mortgages oftentimes do not realize that just because they lose the burden of the house itself, they are not free and clear of the debt.
  34. 34. - Read more at: Aboutfloridalaw.com Robosigning Is Still Happening – Shocking Expose by Reuters Reveals Banks Are Still Filing Bad Paperwork: Foreclosure Fraud Is Not Over Robo-signing, where official legal documents are fraudulently created and then filed by banks and their attorneys when they are attempting to foreclose on homes in Florida and elsewhere, has been one of the major reasons for the national Foreclosure Fraud crisis.
  35. 35. - Read more at: Aboutfloridalaw.com 89 Different Florida Appraisers Are Listed in FDIC’s Claims of Fraudulent Appraisals in Lawsuit against Lender Processing Service: Is Your Appraiser on the List? In the pleadings filed in the lawsuit filed by the FDIC against Jacksonville’s Lender Processing Services, it has become part of the public record that 89 different Florida appraisers are listed by name as being involved in this lawsuit, and out of those 89 appraisers, 35 have been in disciplinary actions before the Florida Real Estate Appraisal Board.
  36. 36. - Read more at: Aboutfloridalaw.com Bankers Warned to Think Twice Before Going After Deficiency Judgments After Last Week’s News of Overestimated Number of Strategic Defaults Deficiency judgments are sometimes sought in lawsuits brought by banks when a home goes through a foreclosure sale and afterwards there is still an amount left owing on the mortgage note. Being left with money still owed to the financial institution after already losing one’s home in a foreclosure is a true nightmare for many Americans these days.
  37. 37. - Read more at: Aboutfloridalaw.com What is HAFA, What are the Feb 2011 HAFA Changes, and How Can HAFA Help You If You’re Facing Foreclosure? – Deficiency Judgment Relief HAFA stands for a federal government program named ―the Home Affordable Foreclosure Alternatives Program‖ which was created to compliment another government program, the ―Making Home Affordable Program.‖ Both are under the supervision of the U.S. Treasury Department as part of the TARP (Troubled Asset Relief Program).
  38. 38. - Read more at: Aboutfloridalaw.com Can the Bank Garnish My Wages During a Florida Foreclosure? A subject that is a recent area of inquiry from my clients is Wage Garnishment. Wage Garnishment, as I explained in previous posts, is the lenders ability to deduct money directly from your salary if they obtain a deficiency judgment against you.
  39. 39. - Read more at: Aboutfloridalaw.com Suspected Lender Fraud Opens Doors for Homeowners Who Have Lost Their Homes to Claim Wrongful Foreclosure If you read this blog regularly, you know that I represent a variety of people in South Florida who are facing foreclosure proceedings on their homes. Please be sure to read this if you’ve already lost your home, because you may be entitled to receive compensation if your home was wrongfully taken away based on false assertions in Court documents .
  40. 40. - Read more at: Aboutfloridalaw.com Bank of America Foreclosures – Homeowners’ lawsuits seeking compensation for wrongful foreclosure Documents filed by Bank of America, along with JP Morgan Chase, GMAC, may allow homeowners who have lost their home to foreclosure to receive compensation – Foreclosure defense attorneys will be asserting that the filing of the affidavits was a fraud on the Court allowing the time to bring a lawsuit to set aside old foreclosure actions to be extended beyond the date the property was sold at auction
  41. 41. - Read more at: Aboutfloridalaw.com Banks Suspend Foreclosures – Possible Fraud on Courts – Homeowners May Be Entitled to Compensation Freezing of foreclosures by Bank of America, JP Morgan Chase and GMAC may lead to a new foreclosure crisis affecting the banking sector and title insurance industry. Possible faulty documents are causing banks to halt foreclosures and causing title insurers to stop issuing title insurance on bank owned real estate.
  42. 42. - Read more at: Aboutfloridalaw.com False Documents in Florida Foreclosure Cases – Getting the Word Out An article in today’s Sarasota Herald Tribune discusses how the Florida Attorney General’s office is investigating whether Florida Default Law Group in Tampa, one of the largest Florida foreclosure firms, is using fake or misleading documents in their foreclosure cases.
  43. 43. - Read more at: Aboutfloridalaw.com Charges against Goldman Sachs can Help Foreclosure Defenses on Main Street The Securities and Exchanges Commission announced charges against Goldman Sachs for failing to disclose information to investors about the sale of mortgage investment vehicles which are at the center of today’s foreclosure crisis. While this is a good first step in uncovering some of the abuses that occurred in the mortgage meltdown we still need to go further.
  44. 44. - Read more at: Aboutfloridalaw.com Lenders Beware – Foreclosure Lawsuits are Going to Trial! It used to be when a homeowner fell into default, the bank could feel pretty secure that foreclosure proceedings would eventually lead to forfeiture of the property in question. Back then, a competent attorney could possibly forestall forfeiture of the home for a period of time before foreclosure proceedings usually ended in a judgment for the Bank.
  45. 45. - Read more at: Aboutfloridalaw.com Can the Bank Garnish my Wages after Foreclosure if they are seeking a Deficiency Judgment against me? A question that often comes up in my practice is whether, and to what extent, creditors can garnish a client’s wages if a deficiency judgment is sought by a creditor after foreclosure. Under §77.01, Florida Statutes, every judgment creditor has a right to a writ of garnishment.
  46. 46. - Read more at: Aboutfloridalaw.com Are Foreclosure Defenses Stopping Mortgage Foreclosures? The sad reality of today’s housing market is that a vast majority of homeowners are unaware that lawyers around the country are raising defenses that are effectively stopping mortgage foreclosures in their tracks. Banks are hoping that this message doesn’t reach the masses because they know this could bring the financial system to its knees.
  47. 47. - Read more at: Aboutfloridalaw.com Are Prime Borrowers in Florida The Most at Risk for a Deficiency Judgment? I have written several blog posts relating to foreclosure and deficiency judgments. Generally, most of the people who are in foreclosure have very little assets outside of their home and most are unemployed, which makes the possibility of a deficiency judgment unlikely.
  48. 48. - Read more at: Aboutfloridalaw.com Larry Tolchinsky contributes to a Bloomberg.com article on Deficiency Judgments Insight from attorney Larry Tolchinsky contributed to a recent article on Bloomberg.com entitled ―Lenders Pursue Mortgage Payoffs Long After Homeowners Default.‖ The article, written by Kathleen M. Howley, summarizes the concept of deficiency judgments and raises the question whether this issue will be the next big crisis for consumers.
  49. 49. - Read more at: Aboutfloridalaw.com Florida Deficiency Judgments – What is Fair Market Value? A deficiency in the Florida mortgage foreclosure setting is the difference between the value of a lien on real property (the amount due to fully satisfy a debt) and the price obtained by the creditor-mortgagee after foreclosing on the property.
  50. 50. - Read more at: Aboutfloridalaw.com Who is Liable for The Mortgage Deficiency? Heirs or the Estate? A client contacted me the other day with a very interesting situation. His father was a citizen of Canada and maintained a winter home in South Florida. His father had named him on the deed to the property so that it would pass to him upon his father’s death.
  51. 51. - Read more at: Aboutfloridalaw.com Walking away from your Home Mortgage: Can You Do So Without Consequences? As the value of real estate is continuously depreciating, more and more people are resorting to ―self-help‖ measures to get out of sky-high mortgages – except that such measures are not only harmful to their own interests, but are also further devastating the economy.
  52. 52. - Read more at: Aboutfloridalaw.com Florida Deficiency Judgments: What is The Rest of the Story? As a follow-up to my earlier post on deficiency judgments, I wanted to discuss some elements that I did not previously cover and which I have been asked by clients. A bank/lender that obtains a deficiency judgment, also known as a judgment creditor, has many avenues to collect on its judgment.
  53. 53. - Read more at: Aboutfloridalaw.com Deficiency Judgments in Florida: What Are They and Will I have to Pay? A deficiency in the mortgage foreclosure setting is the difference between the value of a lien on real estate (the amount due to fully satisfy a debt) and the price obtained by the Bank after foreclosing on the property (or the fair market value of the property).

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