What Is A Mortgage Deficiency Judgment?

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Deficiency judgment: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.

A deficiency judgment is a judgment against Barry’s estate for the difference between what the lender is able to unload the home for after its foreclosure and the sum of the outstanding debt, accumulated interest, attorneys fees and costs of the transaction.

Posts about deficiency judgment written by. also should make sure they won’t be on the hook for any mortgage debt. With friends facing deficiency.

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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.

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A "Deficiency Judgment" refers to the amount of money still owed on your mortgage after a short sale, deed in lieu of foreclosure or your decision to walk away from the mortgage. The remaining amount plus collection costs, attorney’s fees and interest make up the deficiency balance and once the bank obtains a judgment for that balance.

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""A deficiency judgment after foreclosure seems to be one of the greatest. ""Not only are they behind by thousands of dollars on their mortgage payments and facing public auction of their houses,

A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collection. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.

Is it even legal for them to seek judgment against foreclosed homeowners? Any insight or information in this matter would be greatly appreciated. Answer: The short answer is that yes, private mortgage.

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