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17.02.2015
LEHIGH ACRES, Fla.—Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. Actually, we have powerful self-interested reasons why delinquent borrowers avoid default.  The real defaulting borrower faces these costs and risks.
Frankly, if I were a foreclosing lender, I would get default judgments as a matter of course; they cost little to obtain and have value, both economic and practical, afterwards. Forty-one states (among them Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, and Texas) and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after a foreclosure sale. Since the start of 2007, Florida has had more foreclosures than any other state that allows deficiency judgments—more than 9% of the U.S. As a result, given that the law allows lenders to pursue borrowers who have walked away from their foreclosures, it seems inescapable that fiduciary duty requires the lenders to do so.


Lenders still sue for loan shortfalls in only a small minority of cases where they legally could. Some close observers of the housing scene are convinced this is just the beginning of a surge in deficiency judgments. Ray Falero, a truck driver whose Orlando home was foreclosed on and sold in August 2010, says he thought he was hallucinating when, months later, he opened the door and saw a sheriff’s deputy.
The visitor handed him a notice saying he was being sued for $78,500 by the lender on the home purchase, EverBank Financial Corp., of Jacksonville, Fla.
Before the bank foreclosed, he bought another home in Minneola, Fla., where he now lives and where he says he is up to date on mortgage payments. Financial costs of negotiating with the lender.  Even if you do it yourself, time and lost opportunity have a cost.


It turned out that at a foreclosure sale, his former house fetched less than a quarter of what Mr.
Trade sweat-equity for enforcement relief.  The more you do the things a lender would want done if you were out of the picture, the less motivation the lender has to take you out of the picture.
Report frequently and accurately.  Lenders love information — even bad news is better than no news.
Reilly never read his loan documents, either before he signed them or when he defaulted on them, so he has no one to blame but himself (the more so given his pre-foreclosure decisions, as we’ll see later in this multi-part post).



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