FL S1820

Establishes a 6-month statute of limitations for deficiency judgment claims filed after October 1, 2010, with claims void if not filed within 6 months of the foreclosure sale date.

Creates the Florida Mortgage Foreclosure Diversion Program allowing mortgagees to extend the statute of limitations to 5 years by offering mortgagors a preapproved short-sale price and binding mortgage payoff amount for 1 year.

Requires mortgagees to deliver a written diversion offer within 60 days of declaring a loan in default, with mortgagors having 45 days to accept and provide documentation including attorney retention, real estate broker engagement, financial hardship affidavit, and title commitment.

Mandates mortgagees suspend collection and foreclosure activities for a minimum of 1 year after mortgagor acceptance and provide a final payoff letter within 15 days of receiving a qualifying purchase contract, with failure to do so relieving the mortgagor of deficiency obligations.

Requires mortgagors participating in the program to waive the right to discharge deficiency judgments in bankruptcy for 24 months and waive garnishment exemptions in exchange for the mortgagee's binding short-sale commitment.