Starting today banks have less than 30 days to file suit against homeowners for deficiency judgments if the foreclosure judgement was entered any time before June 30, 2013. If the banks miss the deadline, the banks’ rights to continue with a deficiency for these older cases is over. After July 1, 2014 if one is foreclosed upon, in Florida, the lender will have 365 days to proceed with filing suit for a deficiency judgment.
Last year the legislature shortened the time a bank had to file from 5 years to 1 year. So, yes we are seeing a flurry of banks filing for deficiency cases before the clock strikes midnight at month’s end.
For more information concerning this issue feel free to watch Roy Oppenheim from ” In the Trenches” on the South Florida law Blog and find out right here.