Florida Deficiency Judgments
Unlike many other states, in Florida, if you are foreclosed upon and the mortgage balance exceeds the property’s value, the Bank will likely try and come after you for the balance and try to obtain a deficiency judgment against you.
If the Bank gets a deficiency against you, the deficiency judgment will be recorded in the public records and will be collectable for up to 20 years. In fact, even after you die, the Bank can collect against your estate.
Unfortunately, when South Florida homeowners walk away from their mortgages without hiring an attorney, they expose themselves to a deficiency judgment and, as a result, to the garnishment of their wages or bank accounts. Oppenheim Law tries very hard to help our clients avoid ever being subjected to a deficiency. Whether we end up modifying the loan, arranging a short sale, or referring the client to bankruptcy counsel, our Florida foreclosure defense attorneys will not let our clients be subjected to the indignity of having to be enslaved to a debt for up to 20 years after loss of the property.
Some clients only come to our South Florida foreclosure defense attorneys after the bank has foreclosed. Oppenheim Law still defends these clients against the bank’s attempts to have a South Florida deficiency judgment entered against them. We challenge the banks and frequently are able to negotiate an acceptable solution.
If you find yourself slipping into Florida foreclosure, contact us online or phone at 954-384-6114. By now, the attorneys at Oppenheim Law have almost heard it all and will be able to give you the best advice tailored to your unique circumstances. Do not be ashamed or embarrassed. It is expected that six million families were in foreclosure by the end of 2010. The stigma is gone. It is now up to you to let us help you fashion your own Florida foreclosure bailout.
Oppenheim Law | Florida Deficiency Judgment Attorneys
2500 Weston Rd #404
Fort Lauderdale, FL 33331
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