My firm foresaw these deficiency judgments coming. We took appropriate steps to protect our clients. Tragically, a great many Floridians have not been protected.
West Palm Beach, FL (PRWEB) October 30, 2014
Bruce S. Rosenwater & Associates, P.A., (“Rosenwater & Associates”) Homeowner Defense Attorney Bruce S. Rosenwater, today announced, there is a wave of deficiency judgments, certain to affect large numbers of Floridians in what must feel like double jeopardy. Just as hundreds who lost their homes to foreclosure regain their financial footing, debt collectors are pushing them back down, freezing their bank accounts, seizing assets and garnishing wages. Even though most banks have long since sold the houses, they are now seeking to recoup the difference between the sale value and the amount of the loan, legal fees and expenses.
Deficiency judgments are a legal tool lenders use to press and pursue borrowers for years. Deficiency judgments hurt many who’ve only recently recovered from financial ruin, placing them once again under a mountain of debt. Deficiency judgments have very little negative impact on banks that bear at least some responsibility for making the unsustainable loans. Many consumers do not question the judgment, or hire a lawyer; instead they settle the suits or opt for payment plans.
Bruce Rosenwater commented, “My firm foresaw these deficiency judgments coming. We took appropriate steps to protect our clients. Tragically, a great many Floridians have not been protected.” He continued, “They will be tragically caught off guard.” Fannie Mae, Freddie Mac and numerous other large and small mortgage players are pressuring borrowers to pay on mortgages they defaulted on years ago. “A year or so ago these deficiency judgments were all but non existent. Now, we see hundreds of these cases in Palm Beach County. In the last year, over 10,000 lawsuits have been filed in Florida,” comments Attorney Rosenwater.
One reason for the increase is Florida’s recent enactment of laws limiting the time lenders have to sue for deficiency judgment to one year, down from five. Bruce Rosenwater states, “My chief concern is for the individuals and families these judgments will devastate. The good news is we can still help them. These judgments will have a negative effect on Florida’s economy, as over the last seven years, we have seen more foreclosures than any other state.”
Founded by Bruce S. Rosenwater, Bruce S. Rosenwater & Associates, P.A. has assisted Floridians for more than 20 years. The law firm serves individuals and families as a law firm for life. Bruce S. Rosenwater developed the firm’s practice areas to span most, if not all of an individual’s and a family’s lifetime legal needs. There are no former clients of the firm. Even after a case is closed, clients retain a law firm to address any legal need. Bruce S. Rosenwater’s concept of a law firm for life dispels the myth that retained lawyers and law firms are reserved solely for wealthy individuals and families and corporate clients. The firm’s principal practice areas include, civil litigation, family law, bankruptcy, foreclosure defense, real estate, and personal injury, probate and guardianship law.
For more information on Bruce S. Rosenwater & Associates, P.A. contact Gregory T. DuBose at 561-746-6077 or visit rosenwater.com.