Florida Foreclosed Homeowners May Be Pursued for Unpaid Debt

by Isaac Benmergui, Esq on October 24, 2012

The Inspector General of the Federal Housing Finance Agency released a report stating that mortgage backers Fannie Mae and Freddie Mac could recoup unpaid mortgage debt on foreclosed homes by pursing former homeowners.

Florida law allows lenders five years to start the collection process and pursue a deficiency judgment and up to 20 years to collect payment. The good news is that foreclosure defense attorneys report they are seeing only a few deficiencies filed. In 2011, Fannie Mae and Freddie Mac filed 35,231 deficiencies nationally for a grand total of $2.1 billion. Only $4.7 million, just 0.22 percent was recovered.

In Florida, 167,000 Fannie Mae loans are currently delinquent; Freddie Mac has 96,000 delinquent loans. With the new report and its recommendations, Floridians with a foreclosure on their record may soon receive notification of a deficiency judgment against them.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.



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