The Florida Association of Legal Document Preparers ~ legal document preparation services.

800-515-0496

Comments for Forms to use in response to a 20 day summons on a contract indebtedness civil suit

Deficiency Judgment
by: FALDP Staff

Michele,
It sounds like you are being sued for a deficiency judgment for monies left owing after the foreclosure.

According to Nolo.com:

Deficiency judgments are allowed. In Florida, the lender may obtain a deficiency judgment as part of the foreclosure action if the borrower was personally served with the foreclosure complaint. The lender may also file a separate lawsuit against the borrower for a deficiency, unless the court in the foreclosure action has granted or denied a claim for a deficiency judgment.
The judge determines the amount of the deficiency judgment. The court has flexibility regarding the amount of the deficiency. However, it generally cannot exceed the difference between the judgment amount and the fair market value as of the date of sale, particularly (pursuant to Florida statute) if the property is:
owner-occupied, and residential.

Time limit to request a deficiency judgment. Effective July 1, 2013, the period of time in which the lender may seek a deficiency judgment is reduced from five years to one year for residential properties with no more than four dwelling units.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Ask The Members.

Return to Forms to use in response to a 20 day summons on a contract indebtedness civil suit.