For some homeowners, a foreclosure or short sale is the only way out of an underwater mortgage. 

But what homeowners don't realize is that they may still owe the bank after the home is long gone. 

Florida law allows lenders to file for a judgment up to five years after the foreclosure. Those lenders are being granted deficiency judgments, giving them years to try and collect from borrowers. 

Dottie, who did not want us to use her last name, felt like she was running out of options.

"I tried to, for a while, pay for everything.  To keep up both mortgage payments with two different banks. And it just got impossible, so it brought me to the state of having to do a short sale," said Dottie.

Many people think they will simply take a credit hit, but that's not always true.   

"I got a letter and found out I am still liable for the rest of my amount.  It was over $100,000," she said.

Attorney Larry Tolchinsky said he sees it all the time.

"They thought it was over and they could put all this behind them. People are hoping that's going to happen but unfortunately it's really not," said Tolchinsky.

After the judgment, banks and mortgage insurers have 20 years to try and collect, so they can watch and wait for a person's financial picture to improve.   

Shari Olefson represents the banks.

"They are trying to save taxpayers money of having to subsidize these losses. So the new banks are in a rock and a hard place and, in some instances, they have to pursue deficiency," said Olefson.

For Dottie, the thought of owing money on a house she no longer owned was shocking.  

Often banks try settling with borrowers or they sell claims to collection agencies for pennies on the dollar, which is what she did.

"You have no idea the relief the weight was lifted off my shoulders when I finally got that last letter saying you have no more obligation to this company," said Dottie.