deficiency judgment: DEFICIENCY JUDGMENT FROM A SHORT SALE IN FLORIDA - IT IS 5 YEARS NOT 1 - 08/14/17 08:24 PM
Last year I wrote about a confusing law that went into effect in Florida saying that a deficiency judgment could not be sought by the lender if more than one year had elapsed from a foreclosure sale or deed in lieu of foreclosure.  A sister statute also discussed how a short sale was analogous to a deed in lieu or foreclosure sale.  The problem was the statute saying the time limit to seek a deficiency was one year stated it applied to foreclosure judgments and deed in lieu arrangements but it did not include short sales - but it also did … (2 comments)

deficiency judgment: DEFICIENCY JUDGMENT BARRED AFTER 1 YEAR - CAN IT APPLY TO SHORT SALES? - 06/16/15 01:14 PM
Florida homeowners who lost their home to foreclosure or short sale could be escaping a deficiency judgment if the lender misses the statue of limitations.  The new law, now in its second year, seems to have former Florida homeowners  escaping deficiency risk where their lenders - especially 2nd mortgage lenders - forget to pursue unpaid balances owed after just one year.  The prior rule was five years.  I last mentioned this new law at my article Deficiency Lawsuits In Florida Accelerate To Meet Deadline
The new law is complicated because of innuendo and gray areas of interpretation.  However it seems abundently clear that if … (6 comments)

deficiency judgment: Deficiency Lawsuits In Florida Accelerate To Meet Deadline - 06/01/14 07:04 AM
July 1, 2014 is coming! With the new Florida law limiting the collection of deficiency judgments on short sales and foreclosures, that is the deadline deficiency claim for any foreclosure  or deed in lieu that occurred  before July 1, 2013 to be filed!  Almost 4 years ago I was talking about the coming wave of deficiency collection activity that would be the result of people having walked away from properties resulting in foreclosures, or short sales without full resolution of the unpaid balances on the proprety’s mortgage(s).  The discussion was reviewed in CNN/MONEY in an article You Lost Your House – … (3 comments)

deficiency judgment: CAN YOU RUN AWAY FROM A MONEY JUDGMENT? - 06/03/11 03:30 PM
This week I received no less than 4 inquiries from out of state owners of Florida real estate.  Each one of them was under the impression that by moving away from Florida they also "moved away" from the ability of the bank to pursue them for any deficiency or other Florida incurred debt.  Each one of them is completely wrong.
Recognition of Judgment
Generally, the "recognition" of a foreign judgment occurs when the court of one country or state accepts a judicial decision made by the courts of another "foreign" country or state, and issues a judgment in substantially identical terms … (19 comments)

deficiency judgment: DEFICIENCY JUDGMENT AND LOAN DEFICIENCY COLLECTION SLICE AND DICE - 04/01/11 02:23 AM
A lot of speculation about deficiencies and what happens to them keep popping up in conversations I have.  This week the St. Petersburg Times published an article where a great authority (me) was quoted, along with other findings from research by the paper.  You will find it interesting and it can be found at Deficiency judgments let creditors haunt borrowers for up to 20 years.
For those of you that do not have a solid knowledge of deficiency judgments and deficiencies in general, I suggest you read my articles below:
Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale … (13 comments)

deficiency judgment: BANKS BEGIN TO GO AFTER DEFICIENCY JUDGMENTS - FANNIE MAE POINTS THE WAY - 07/03/10 11:12 AM
Earlier this week I wrote about lenders taking the next step after a foreclosure.  Foreclosures happen from borrowers that "walk away" from their upside down valued properties, whether because of job loss, other expenses more important than the mortgage payment, or just a strategic default.  You can find the other article at MOTION FOR DEFICIENCY JUDGMENT - FORECLOSURE CONSEQUENCES.
An alarming event occured after I wrote that article.  In the past, there has been a pretty heated argument about whether the mortgage lenders are going to move on their ability to pursue deficiency judgments in foreclosure actions.  Many people say that it … (64 comments)

deficiency judgment: $8,000 Homebuyer Credit Extended to September 30th - 07/01/10 08:31 AM
The Senate approved the House's bill to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The House approved the measure on Tuesday. Obama is expected to sign it shortly.
The legislation extends the deadline to close on purchase contracts signed by April 30 2010, to September 30, 2010.
The bill only allows people who already have signed contracts to finish at the later date.
Congress also approved the National Flood Insurance Program, which had expired and was delaying closings for a home located in a flood zone.
Copyright 2010 Richard … (4 comments)

deficiency judgment: YOU LOST YOUR HOUSE - BUT YOU STILL HAVE TO PAY - CNN MONEY AND ACTIVERAIN - 02/03/10 12:22 AM
Last night I went to my first (and our area's first) ActiveRain member meeting.  For almost no publicity we had 35 brave souls venture out in the rain to meet mostly complete strangers - and we had a wonderful time seeing fellow bloggers. 
ActiveRain has been a boon to my business and recognition - for example, without ActiveRain the following article would never have included my interview with CNN-Money last week (Thank you Les Christie!) ---
You can link to the article at CNN.COM by clicking on CNN MONEY




You can link to the article at CNN.COM … (9 comments)

deficiency judgment: FORECLOSURE DEFICIENCY JUDGMENT or SHORT SALE PROMISSORY NOTE or BANKRUPTCY? - REVISITED - 01/27/09 12:43 AM
Whether to agree to a negotiated promissory note in a short sale or allow the house to go to foreclosure is one of the most discussed topics around.  It deserves a simple comparison.
[February 3, 2010 update - see today's article on this subject at CNN MONEY.]
My previous article on this subject can be found at Negotiated Payback or Foreclosure Judgment Deficiency? Compared.
A negotiated promissory note is ALWAYS better than a deficiency judgment resulting from a foreclosure.  Here is why:
Deficiency Judgment -
1.  You have a foreclosure judgment against you and if you fill out most applications about … (68 comments)

deficiency judgment: SHORT SALE DEFICIENCY DEMANDS AND DEFENSES - The Interstate Highway Analogy - 10/26/08 03:33 AM
 "What chance is there that the bank is going to make me pay the difference (or deficiency) when we are through?"  This is the most often asked question I get as an attorney that specializes in residential mortgage loan workouts and (avoiding foreclosure through short sales or modification).  If you need basic information to understand the short sale and deficiency issue, see Back to Basics - a Review on Short Sales.
Our Basic Answer
Basically from what we see in our daily practice, if we could give a measure of chance that the bank will seek to have a borrower in … (9 comments)

deficiency judgment: BANK REJECTS SHORT SALE OPPORTUNITY AND MAKES BIGGER LOSS - 10/13/08 01:42 AM
Here is more proof that the loss mitigators used by some banks just don't quite "get it".
In an article this morning in the Palm Beach Post, by staff writer Eve Samples, Wells Fargo is targeted for its botched handling of a short sale opportunity, resulting in a loss to the bank of at least $40,000 more than it would have experienced in the short sale opportunity.  The article goes on to say,
Behind on their mortgage and forced to move to Miami-Dade County for work, Reggie and Noelvis Capiro this summer petitioned their lender, Wells Fargo Home Mortgage, and its … (15 comments)

deficiency judgment: Back to Basics - a Review of Short Sales - 05/04/08 12:42 PM
Short Sale Primer - Back Room Lender Decisions
A Primer -
Short sales are nothing new.  When I represented a national lender for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales".  Since they have been around so long, I did some digging with my old pals that were the executives I worked with in the loan workout and REO department of this national lender (the lender has since been merged into Bank of America).
I found one in Atlanta, and another in Washington.  Our discussion about short … (66 comments)

deficiency judgment: SHORT SALE PRIMER - REVIEW OF THE BASICS - 05/03/08 02:09 PM
Short Sale Primer - Back Room Lender Decisions
A Primer -
Short sales are nothing new.  When I represented a national lender for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales".  Since they have been around so long, I did some digging with my old pals that were the executives I worked with in the loan workout and REO department of this national lender (the lender has since been merged into Bank of America).
I found one in Atlanta, and another in Washington.  Our discussion about short sales showed that … (1 comments)

deficiency judgment: FORECLOSURE DEFICIENCY ORDER VS SHORT SALE NEGOTIATED PAYBACK - 03/06/08 12:45 PM
FORECLOSURE DEFICIENCY DECREE - COMPARED TO SHORT SALE NEGOTIATED PAYBACK
I was negotiating on a very large problem mortgage today with a high-up executive at the servicing firm.  He made a comment that I thought peculiar and I called him to task on the matter.
The comment was that "after the foreclosure sale, lenders seldom bother to get a court ordered deficiency judgment".  I knew this to be false, because lenders today - more than in the past - are investing a few hundred more in attorney fees to get a deficiency judgment.  I will tell you why.
But first, lets … (33 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY) Rainmaker large

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

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