What Is A Mortgage Deficiency Judgment?

A Chapter 7 bankruptcy can completely eliminate the deficiency judgment, but with a Chapter 13 filing a portion of the debt might have to be paid. (See Bankruptcy & foreclosure: mortgage deficiency Judgments for more detail.) In Rem Deficiency Judgments. An in rem deficiency judgment

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We are horribly behind on our mortgage payments and unless we win the lottery. are you will receive the greatest hit to your credit and the possibility of a deficiency judgment being entered.

Q. What exactly does a deficiency waiver mean? A.A waiver of deficiency means that the mortgage company has agreed not to sue you for the unpaid balance that may remain after the home is sold (whether via a foreclosure sale, short sale or deed in lieu of foreclosure).

After the mortgage crisis, one gentleman came in and had a judgment of almost $200,000 against him. I don't think this will be uncommon, since Florida in.

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In most states, lenders can sue borrowers to recover the deficiency. If the court awards the lender a deficiency judgment, the lender can use the judgment to garnish the borrower’s wages or freeze the borrower’s bank accounts until the deficiency judgment is paid off. Are Deficiency Lawsuits Allowed in Your State? The laws governing deficiency judgments vary from state to state. Some states give lenders an unfettered right to seek deficiency judgments after a foreclosure sale.

A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed. For purposes of calculating the amount of deficiency liability, the foreclosed property "value" is the fair market value on the date of the foreclosure sale auction.

A deficiency judgment is a marital debt if it derives from a short sale of. in foreclosure for an amount less than the outstanding mortgage debt,

If the foreclosure auction of the property doesn’t wipe out your debt, you may be sued for a deficiency judgment, a requirement that you pay whatever else is owed. First mortgage and second mortgage.

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