The hidden foreclosure risk

In the fall, John Ericksen lost a $151,461 claim by Riverside National
Bank after losing his Juno Beach home. Now, the handyman who lives in a
trailer park in Riviera Beach still owes for a home he already lost.
“They are actually trying to get money from me?” He asked. “Good luck
with that one. I’m pretty much out.” Banks in Florida have five years
after a foreclosure to file for a deficiency judgment, and up to 20
years to collect on it. But the number of such claims filed is still
extremely low. Just 133 deficiency claims were filed between April 2006
and November 2010 in Palm Beach County, with 68 granted the right to
pursue the deficiency. [Palm
Beach Post]