Foreclosures’ hidden risk: Debt that haunts for two decades

He once lived just steps from the ocean in a home valued last decade at more than $500,000 . But John Ericksen has fallen – far – and the bank that took away his Juno Beach home last year isn’t done with him yet.

In November, Riverside National Bank won a $151,461 claim against the down-and-out handyman who now resides in a one-bedroom trailer in Riviera Beach’s scruffy Ocean Tide mobile home park.

Called a “deficiency judgment,” the claim is what Ericksen, 59, still owes on the loan for a home he’s already lost.

“They are actually trying to get money from me?” said a surprised Ericksen when contacted by The Palm Beach Post. “Good luck with that one. I’m pretty much out.”

In Florida, banks have five years to file for a deficiency judgment and up to 20 years to collect.  Read More.

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fluidideas@gmail.com

fluidideas@gmail.com

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