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Florida Foreclosure Surplus Funds: Amendments to Florida Statues 45.033 & 45.034 and How It Affects Former Florida Homeowner’s

In this blog, we will be discussing the 2020 Amendment to the state of Florida’s Statutes & Laws that repealed a certain section of Florida Statute 45.033 and the entirety of Florida Statute 45.034.

In effect as of May 12, 2020, an Amendment to the state of Florida’s Statutes & Laws repealed a particular section of Florida Statute 45.033 — specifically, Florida Statute 45.033(3)(3)(d). The repeal of Florida Statute 45.033(3)(3)(d) effectively eliminates the 12 percent compensation cap that was placed on a Surplus Trustee or Assignee for their services in assisting former Florida Homeowners recover THEIR Florida foreclosure surplus funds. The elimination of this compensation cap is a crucial blow to former Florida Homeowners and a big win for Third-Party Surplus Funds Recovery Companies. Furthermore, because of this repeal, Third-Party Surplus Funds Recovery Companies are now able to take advantage of fragile former Homeowners by charging them ridiculous contingency fees to aid them in the recovery of the FORMER HOMEOWNER’S surplus funds. For example, I recently took a case where a Surplus Assignee was charging my client a 45% contingency fee to aid them in recovering THEIR surplus funds!

Moreover, Florida Statute 45.034, “Qualifications and Appointment of a Surplus Trustee in foreclosure actions,” was affected by the 2020 Amendment to Florida’s Statutes & Laws in that the entirety of said statute has been repealed. The Florida Legislature’s repeal of this statute eliminates the Florida Department of Financial Services certified and appointed Surplus Trustees. This is another crucial blow to former Homeowners and another big win for Third-Party Surplus Funds Recovery Companies. Now, there are no longer any criteria, or certifications, that a Third-Party Surplus Funds Recovery Company must comply with, or have, in order for said company to be able to recover Florida foreclosure surplus funds for former Florida Homeowners. Ultimately, this repeal removes any accountability, or action, that the Florida Department of Financial Services can take against a Third-Party Surplus Funds Recovery Company should they act in bad faith and take off, or disappear, with a former Homeowners surplus funds after they have been recovered — thus, leaving the former Homeowner with NOTHING.

As such, I cannot stress, now more than ever, how crucial it is for former Florida Homeowners to consult with an experienced Florida Foreclosure Surplus Funds Recovery Attorney regarding the recovery of THEIR surplus funds. Unlike Third-Party Surplus Funds Recovery Companies, Florida Attorneys are bound by rules and ethics set forth by the Florida Bar to represent the best interests of their client or face reprimand for egregiously failing to do so.

If you are reading this as a former Florida Homeowner whose home has recently been sold at a Florida foreclosure auction and would like to know if there are surplus funds available for you to claim, then please give me a call and I will personally give you a free consultation. During our consultation, I will confirm whether there are surplus funds available to be claimed as well as answer any questions that you may have. If there are surplus funds available to be claimed, then I will also provide you with a personalized strategy as to how we can assist you with the filing of your claim.

At Haynes Law Group, P.A., we have experienced Attorneys who are well-versed in the Florida statutes governing former Florida Homeowners’ claims to Florida mortgage foreclosure surplus funds and have helped to claim hundreds of thousands of dollars for former Florida Homeowners. We represent former Homeowners all over the state of Florida no matter which county they are in and will work tirelessly to ensure that you receive the Gold Standard of Legal Service.