{"id":11284,"date":"2014-09-11T13:37:17","date_gmt":"2014-09-11T20:37:17","guid":{"rendered":"https:\/\/fleysherlaw.com\/?p=807"},"modified":"2023-02-22T13:54:14","modified_gmt":"2023-02-22T13:54:14","slug":"second-wave-of-foreclosures-hits-south-florida","status":"publish","type":"post","link":"https:\/\/fleysherlaw.com\/blog\/foreclosure\/second-wave-of-foreclosures-hits-south-florida\/","title":{"rendered":"Second Wave of Foreclosure Hits South Florida"},"content":{"rendered":"\n

Many residents in South Florida are confronting a new second wave of foreclosures<\/span> and their consequences. <\/span>Banks <\/span>are attempting to secure unpaid mortgage debts from foreclosed homes that were lost years ago. Beginning June 1st Dyck O\u2019neal<\/span><\/span> filed nearly 110 alleged deficiency judgments<\/span>; it is a Texas-based collection company, in Palm Beach County, 200 in Miami-Dade County, and 300 in Broward County. T<\/span>here is a belief that because the deadline changed from 5 years, in order for banks to file a deficiency judgment, to one year this has triggered the hasty lawsuits. <\/span><\/p>\n\n\n\n

Deficiency judgments allow the banks or companies to go after the dividend of what the home was auctioned for<\/span>. This is valid for the banks or companies that b<\/span>ought the mortgage debts<\/span>. And, the remaining balance that the homeowner is still accountable for. Furthermore, the Palm Beach Post found many occurrences where the bank is coming after the previous homeowners for more the $100,000<\/span>; means of liens, claiming rights over investment properties and garnishing your wages <\/span>can seize a debt.<\/span> <\/p>\n\n\n\n

Furthermore, deficiency judgments are not a new ruling and the possible risk has always hovered over our heads; however, banks saw it as pointless to pursue homeowners with little money<\/span>. And, the amount of foreclosure to exercise this ruling <\/span>overwhelmed them too much. But since the economy has improved lately, lenders have sought this as the chance to collect the debt owed.<\/span><\/p>\n\n\n\n

If you have questions about Foreclosure<\/a>, Loan Modification<\/a>, Bankruptcy<\/a>, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020<\/a>. Or, send an e-mail to emil@fleysherlaw.com<\/a>, or complete the contact form below.<\/p>\n\n\n\n