The bill that took effect in Florida regarding foreclosure made big changes to foreclosures and how they are handled by the lender and their counsel
New One Year Statute of Limitations for Deficiency Judgments for Residential Foreclosures Fla. Stat. 95.11(2)(b)(5)(h)
For Residential Foreclosures, the legislature shortened the time to bring an action for the balance of deficiency to one year after the clerk issues the certificate of title
Cap on Deficiency Judgments for Owner Occupied Residential Properties Fla. Stat. 702.015
In the case of owner occupied properties, the bank can not collect as deficiency more than the difference between the foreclosur auction amount and the fair market value of the property. Therefore, the outstanding debt changes substantially.
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