Associated mostly with mortgage foreclosures, the legal principle of a deficiency judgment could apply to any secured loan where the property.
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This means that a lender must pursue or waive a deficiency judgment at the time of the foreclosure. Kelly is a reporter on the Investigative Unit at The Washington Post. Her reporting on mortgage.
If the home sells for $400,000 and your state allows lenders to collect deficiency judgments, you will owe your lender $100,000 once they obtain a judgment for the deficiency. In many cases, this deficiency judgment is a tough pill to swallow for the borrower who just lost their home and yet still owes their lender after foreclosure.
A deficiency judgment on a foreclosure is a court order making the debtor personally liable for the outstanding debt of a home mortgage. A lender can also initiate action against a debtor in a short sale or deed in lieu of foreclosure. Deficiency judgments in.
Suppose Peyton’s house is sold at a foreclosure sale for $300,000, but she owes the bank $325,000. The deficiency is $25,000. When a foreclosure sale results in a deficiency, some states have laws that allow the foreclosing bank to get a deficiency judgment-a personal judgment against the borrower-for the deficiency amount.
Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale. This article explains the ways a mortgage lender can collect a deficiency judgment.
A Bankruptcy Discharge Can Eliminate Your Deficiency Judgment. In general, a mortgage deficiency judgment is treated like any other general unsecured debt (such as medical bills) in bankruptcy. This means that whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, once you receive your discharge your personal liability for a mortgage deficiency will be wiped out. But keep in mind that if the mortgage lender has already placed a lien on any of your other property, your discharge.
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the.
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