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. That process is called a deficiency judgment.
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 the likelihood of having their wages or bank accounts garnished. Oppenheim Law tries very hard to avoid our clients ever being subjected to a deficiency. Whether we end of 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.
Oppenheim Law has not yet had a deficiency judgment entered against any of their clients. 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 attempt to have a South Florida deficiency judgment entered against them. We challenge the banks and frequently are able to negotiate an acceptable solution.
So if you find yourself slipping into Florida foreclosure, attend one of Oppenheim Law's monthly foreclosure defense seminars, or contact us by e-mail or phone. By now the attorneys at Oppenheim Law have almost heard it all and will be able to give you the best advice under your unique circumstances. Do not be ashamed or embarrassed. It is expected that six million families will be 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.