Legal Question in Credit and Debt Law in Florida

Recovery Payments

Our house was foreclosed on several years ago after we moved to Florida. It sat on the market 15 months. There was an outstanding balance on the loan after the sale. We worked out a monthly recovery payment of $400 and have paid the amount on time every month. We've paid almost $10000 on a $27000 balance plus interest. A bank representative has contacted us twice since April. He 1st demanded that we convert the balance to a permanent loan from another bank. Then he said that he would begin garnishment procedings if we did not do this or increase our monthly payment. We explained that we could not pay more. He called back to say that his supervisor told him that they would not pursue the garnishment or further collection proceedings. He contacted us again today, again wanting to increase our payment and wants a financial questionaire completed. Can they do this? Do we have any options?


Asked on 8/21/03, 11:23 am

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: Recovery Payments

Yes, they can attempt collection of the outstanding deficiency judgment. Certain assets are exempt. Filling out the questionaire will give them the info they want.

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Answered on 8/24/03, 8:47 am


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