How Revised Florida Statute 45.032 will Harm Homeowners Collecting Surplus Funds

Its unfortunately here. July 1, 2019 the revised Florida Statute 45.032 abolished the 60 day time frame for a subordinate lien holder to make a claim for surplus funds. Instead, any subordinate lien holder will have up to A YEAR after the sale! Ridiculous amendment that only favors banks, and extremely hurts homeowners. Let me elaborate why.

First off, the 60 day timeline to claim surplus funds was imposed for a great reason. If former owners have equity in their home, and it goes to a foreclosure sale, there will be surplus funds. Now, the former owners have just been kicked out of their home. Its devastating. They need to move on with their lives and will need some capital to do just that. This is why the Florida legislature initially put a 60 day time frame on claiming surplus funds. That way, the former owners could get money, if any, quickly in order to try and alleviate the former devastation of the foreclosure.

Now, this revised statute will give the banks have up to a year to collect surplus funds. It puts the former owner in limbo for an entire year if there are subordinate lienholders that have not made a claim to the funds. That money will just sit in the court registry. The only way a homeowner can get paid before the year timeline is a) if there are no subordinate lien holders, or b) a subordinate lien holder makes a claim, which does not take the entire amount of the surplus funds, then the former owner may make its claim and collect.

For the past year, I have been preparing for when this statute took effect. I believe through the use of civil procedure, we may be able to establish precedent that would help these homeowners get these funds much faster than the proposed year in the statute.

If you are a former owner of a property that has been foreclosed on and there are surplus funds, call me for a free consultation! I handle Florida Foreclosure Surplus cases in any county in Florida. I don’t charge any fee up front and will only get paid if I WIN and COLLECT the funds for you!

Whether you need a Miami foreclosure surplus lawyer, Fort Lauderdale foreclosure surplus lawyer, Palm Beach foreclosure surplus lawyer, Tampa foreclosure surplus lawyer, Clearwater beach foreclosure surplus lawyer, Mount Dora foreclosure surplus lawyer, Dade city foreclosure surplus lawyer, Lake county foreclosure surplus lawyer, Tavares foreclosure surplus lawyer, Deland foreclosure surplus lawyer, Jacksonville foreclosure surplus lawyer, Saint Augustine foreclosure surplus lawyer, Sarasota foreclosure surplus attorney, Fort Myers foreclosure surplus lawyer, Destin foreclosure surplus Lawyer, Indian hills foreclosure surplus lawyer, Orlando foreclosure surplus lawyers, or a Volusia county foreclosure surplus attorney, we will represent parties in any county in the state of Florida!

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