What Is A Mortgage 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.

Deficiency Judgments. A deficiency is the difference between the principal balance due and the amount received, providing the amount received is less than the amount owed. Whether the bank can pursue a deficiency judgment after a foreclosure or short sale depends in part on whether the promissory note makes the seller personally liable for the debt.

Is it possible to avoid a deficiency judgment? I live out of state, the condo was rented out but is now damaged due to terrible tenants who stopped renting and abandoned the property. I have a low.

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Even if a court permits a lender to pursue a deficiency judgment, anti-deficiency laws typically create a limit on how much lenders can collect from borrowers. The typical limit on deficiency collection is fair market value; the lender cannot collect more than the difference between amount.

A deficiency judgment is a court judgement that is issued when a borrower takes out a loan and is unable to pay the full amount that is owed at the time of sale. By way of example, let’s say a borrower buys a home for $500,000 and takes out a loan (mortgage) for $400,000.

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Lenders sometimes use deficiency judgments against their borrowers to recover more of their lost money. depending on the state, short sale or foreclosed mortgage borrowers may be liable for resulting.

Featured In. If you are facing foreclosure, or have lost your home through foreclosure, you might still owe your mortgage lender money after the sale. This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a "deficiency.". Whether your lender can go to court and get a judgment for the deficiency,

 · Alabama: Deficiency judgments are possible. No limits. Alaska: Deficiency judgments are not allowed if the foreclosure is by power of sale (nonjudicial foreclosure). Arizona: No deficiency judgment on a purchase money mortgage for one- or two-family properties on less than two and a half acres. A deficiency may be allowed if a court decides the.