PMI suing me for defiencey in Florida

[homeownerfloridas]

Hello, foreclosed on a property in 2010 and now PMI from a third party collection agency is trying to collecting on $55k deficiency. I have called over 6 attorneys and none of them has heard of PMI suing for this. I'm looking for an attorney to fight this because I'm head of household and have a dependent child. Can anybody help and have you handled a case like this before? I live in Broward county, FL.

[Evan Bedard]

Hello, foreclosed on a property in 2010 and now PMI from a third party collection agency is trying to collecting on $55k deficiency. I have called over 6 attorneys and none of them has heard of PMI suing for this. I'm looking for an attorney to fight this because I'm head of household and have a dependent child. Can anybody help and have you handled a case like this before? I live in Broward county, FL.

I'm very sorry to hear the PMI company is coming after you two years later for the deficiency. Unfortunately, since Florida is a recourse state from my understanding the PMI company can pursue the deficiency. Below you can find reputable real estate lawyers in your area..

National Association of Consumer Advocates | Consumer Protection Advocates and Attorneys - Help for Consumers

Here is some information from a Florida attorney regarding deficiency judgments after foreclosure.

Once the bank ends up with the property, the bank needs to have a hearing before the judge within a set period of time (10 days or a year depending on the Court’s order ordering the sale). At that hearing, called a valuation hearing, the bank needs to provide evidence of the diminished value of the property. Here, the borrower is free to show that the bank improperly valued the property and that there is no deficiency due or a smaller outstanding amount.

Should the court determine that a deficiency is due, the court will enter a judgment against the borrower, which is good for 10 years and can also be renewed by the bank for an additional 10 years. Frequently, banks sell these judgments in bulk to hedge funds or investors that include collection agencies and law firms that specialize in collecting on consumer debt.
Source: South Florida Law Blog (http://s.tt/16NRR)