Mortgage Foreclosure Deficiency Judgment

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If you are in danger of losing your home to foreclosure, you might consider a short sale to get out of the situation. If that is your plan, make sure that your lender issues a waiver of deficiency on the amount you still owe on the mortgage. Otherwise, you are still not free of some of the burden of the mortgage on a.

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Deficiency judgments can follow a mortgage foreclosure, leaving the former homeowners on the hook for thousands or even tens of thousands of dollars. A "deficiency judgment" is an order by a court making . . . Read More: Deficiency Judgments After Foreclosure: Bankruptcy And Non-Bankruptcy Solutions

In Maryland, debt collectors have up to 12 years to take homeowners to court for outstanding mortgage debt after foreclosure. The process is known as a deficiency judgment. The proposed bill would.


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Chicago Deficiency Judgments What is a deficiency judgment? When an underwater mortgage results in a short sale or a foreclosure, the amount of money that the bank finally receives from the sale proceeds will nearly always be less than the amount that the borrower still owes on the mortgage. The remainder of the loan balance is referred to as the "deficiency," because it is the amount by which.

These other fees and costs are recoverable by the lender under the terms of its note, mortgage or. chasing borrowers after a foreclosure, short sale or deed in lieu of foreclosure and obtaining.

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 · A judgment based on the deficiency is known as a "deficiency judgment", and can include not just the difference in the mortgage and ultimate sale.

State laws dictate whether or not lenders can pursue deficiency judgments after foreclosure. If a loan is a non-recourse loan , a deficiency judgment is out of the question. For example, in some states, a loan used to purchase your primary residence is a non-recourse loan (but if you take a second mortgage, that loan might be a recourse loan).

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