Last year Florida's legislature set a July 1, 2014 deadline for banks (and business that bought debt from banks) to file lawsuits against former homeowners for deficiency judgments for foreclosures that concluded prior to July 1, 2013. A deficiency resulted whenever the sale of a home brought less than was owed the bank on the mortgage and for its costs and attorneys fees in the lawsuit. Historically deficiencies were seldom sued on because borrowers who defaulted were seldom solvent, however that calculus was changed by the advent of the strategic default. Strategic defaulters often had jobs, substantial savings and other trappings of success (such as watercraft), however they also viewed their homes as albatrosses due to owing substantially more than the homes were worth in a market that had at best returned to realistic pricing and at worst was downright depressed.
 
Banks sold their deficiencies to various investors. Some of the well-known names in the field are Ocwen, Dyck O'Neal and Franklin Credit Management. Of the three, Ocwen has the best access to capital, and it may well get suits going on most if not all the cases it hasn't settled by the deadline. With filing and service of process costs approaching $500 for each case, the other two will have to be more judicious with their money, and the likelihood that they have bitten off more deficiencies than they can chew (afford to file suit on) is quite large. They will rely on attempting to hastily negotiate settlements with their various debtors, and they will sue only in the most promising cases where negotiation fails.
 
Floridians who have been contacted by a debt buyer and pressured to settle a deficiency should keep in mind that it is quite difficult to determine the likelihood of getting sued, however there is likely no need to feel pressured to reach an agreement prior to the deadline unless the debtor knows that significant assets and income are visible to the debt buyer through public records or other means.