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Do banks have to follow the new FL one year limit for deficiency judgments in foreclosure cases prior to the June 2013 law?

Tampa, FL |

There was a final summary judgment entered for my FL home in March 2010. The bank finally bought back the home in the Foreclosure sale in 2013. In June 2013, the governor changed the law to banks only have one year to file for a deficiency judgment against home owners in foreclosure. Does this new law apply to cases that have final summary judgments entered prior to June 2013 or only for cases that have a final summary judgments after June 2013.

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Attorney answers 1


As a result of the enactment of the Florida Fair Foreclosure Act, Section 95.11, Florida Statutes has been amended to shorten the statute of limitations on deficiency judgments. Previously, a lender had 5 years after the foreclosure sale to file an action to obtain a deficiency judgment. Now, a lender must file an action for deficiency within 1 year of the foreclosure sale. The amendment to this statutory provision became effective on July 1, 2013 and applies to all actions for deficiency judgments filed after July 1, 2013. This new shorter limitations period applies to an action for a deficiency judgment filed after July 1, 2013 where the foreclosure action was filed before July 1, 2013.

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