Page 16 - Boca ViewPointe - March '21

Page 16, Viewpointe March 2021

Deficiency Judgments After A Foreclosure Sale

As a result of the COVID-19 pandemic, the State of A final judgment of foreclosure will state the amounts However, associations must be aware of time
Florida—through Governor Ron DeSantis—imposed a due to the association, and, if the owner fails to timely limitations to formally request a deficiency judgment.
statewide foreclosure moratorium last year. On the federal pay the total sum owed to the association, a foreclosure Recently, in Accardi v. Regions Bank, the appellate court
level, last month the Acting United States Department sale will take place. Where the proceeds from the sale are clarified that the statute of limitations on a motion for
of Housing and Urban Development (“HUD”) Secretary insufficient to satisfy the association’s judgment, there deficiency judgment is one year after the certificate of
announced an extension of foreclosure moratoriums on will be a deficiency. In 1996, Florida’s Fourth District title is issued. This limitation applies whether the motion
federally-backed single family mortgages through March Court of Appeal, in Maya Marca Condominium Apart. is filed in the existing foreclosure case or a separate
31, 2021. Despite these moratoriums, Florida has one of Inc. v. O’Rourke, established that associations may action seeking a deficiency judgment. The court said
the highest foreclosure rates in the country. According obtain deficiency judgments against foreclosed owners this is true even if there is a broad reservation of court
to ATTOM Data Solutions, one in every 7,338 housing in situations where acquiring an underwater property jurisdiction and even if the complaint contains a prayer
units in August 2020 had a foreclosure filing compared through foreclosure does not make the association whole. for a deficiency. The appellate court noted that the vast
to one in every 13,791 housing units in the United States. Upon acquiring an underwater property, an association majority of deficiencies take place within the existing
While many foreclosures are brought by lenders should determine whether to pursue a deficiency judgment foreclosure case, and thus, it would make little sense that
seeking to foreclose on mortgages, lien foreclosure against the owner personally, which decision hinges upon the one-year statute of limitation would only apply to the
lawsuits continue to be filed by condominium and whether or not the owner is or is likely in the future to less common separate actions for deficiency judgments.
homeowners’ associations due to property owners’ be collectible. Associations should keep in mind that a Accardi illustrates that, should a deficiency judgment
nonpayment of assessments. Under the Condominium deficiency judgment, if obtained, remains collectible for be sought, it is critically important for an association
Act, a foreclosure lawsuit must be filed within one year up to 20 years. to seek a deficiency judgment within one year of the
of the filing of the association’s lien whereas the statute If the foreclosure judgment reserved jurisdiction to certificate of title being issued. Practically speaking, it
of limitations for homeowners’ association foreclosures award a deficiency judgment, then the association may can and should be done right away after obtaining title
is five years. When a mortgage lender is not foreclosing, file a motion for a deficiency judgment in the existing lien to an underwater property. In Accardi, which involved
many of our association clients will proceed with a lien foreclosure action. There are also circumstances where an a mortgage foreclosure, the appeals court reversed a
foreclosure lawsuit against an owner’s property for non- association may file a separate action seeking a deficiency $532,518.93 deficiency judgment awarded by the trial
payment of assessments even if the property may be judgement. However, there is a relatively short period of court because the lender waited too long in taking action
underwater. time to seek a deficiency judgment after a foreclosure sale to obtain the judgment. Associations must be sure not
and waiting to see if the property is rented or if the first to forfeit their right to a deficiency judgment following
mortgage holder forecloses must be managed carefully. the foreclosure sale by timely filing their request for a
Vehicle Information Associations interested in seeking a deficiency judgment deficiency judgment. Of course, the strategic decision
relating to bringing a lien foreclosure action and filing
should obtain an appraisal when an underwater property is
acquired at the foreclosure sale to determine the property’s a motion for entry of a deficiency judgment should be
If you have purchased a new vehicle within the fair market value. The association will need to establish that reviewed with legal counsel before proceeding.
past 6 months, please make sure the Boca Pointe the value of the property is less than the first mortgage and
Community Association management office has a any unpaid taxes to be granted a deficiency judgment. Sachs Sax Caplan, P.L., Peter S. Sachs 
copy of your current vehicle registration on file.
Your gate transponder is linked to your vehicle so it
is important that we have accurate information in our
system. Please fax it to (561) 395-5936 or email it to
admin@bocapointe.com.
Thank you for your cooperation!

BPCA Management team 

Servicing PETS of Boca Raton
for over 20 years
“Caring is our Specialty”
Complete medical, Surgical and Dental
Facility SPA Bath & Grooming

For only pennies a day, Link+
is a life preserver for any and all
MERICAN individuals and a MUST for seniors.

FEATURES:

» 24/7 Professional Call Center
Stay Connected » Medication Reminders

NOT FEELING WELL? » Immediate Vital Sign Warnings
Connect with your physician from
Live Your Best Life the comfort of your home. » FALL DETECTION ALERT
» Avoid Unnecessary Trips to the ER or Doctors Offices » GPS Location Services
Saving you Hundreds of Dollars!
Buying or Selling in Boca Pointe » Link+ Can Travel with You
Call 561.234.9913 today! » Link+ is Ideal for Anyone Suffering from:
• Diabetes • High Cholesterol • High Blood Pressure Anywhere in the World
Also checks: Temperature & SPO2 Levels
» Daily Reports to Give to Your Doctor
» Stay Connected to Loved Ones!
Family members have access to your vital signs and can Link+
make video calls to you on the Link+ anywhere you are.
24HR RESPONSE SYSTEM THAT NO ONE SHOULD BE WITHOUT
Includes the following:
All your information is stored through the Link+ and transferred to your personal
Marc Cohen portal. This information can be passed on to your physician for review or used
REALTOR® during a telehealth video call so your physician will know your vital signs, just like
Call for a FREE comparative an in-person visit to the doctor’s office. Your doctor can also now bill Medicare or
market analysis of your your insurance company for the video call. The Link+ is HIPPA and FDA approved.
home’s value! It fits in the palm of your hand. When you are home it sits in its cradle and lets
561.234.9913 you know your vital signs have been transferred successfully. It will also
remind you to take your readings and medications.
cohen4068@gmail.com NOW AT 561.278.2222
CALL US
Boca Pointe Resident FREE FREE
Lenson Realty, Inc. Schedule a FREE Demonstration or Visit our Website: Blood Pressure Monitor Health Reports SPO2
FREE
www.bestamericantelemedicine.com