which is the difference between what the lender received at the foreclosure sale and the current outstanding mortgage balance. If state law permits, the lender could sue your son, get a deficiency.
Are Deficiency Judgments Common? Because of the time and cost involved in seeking a deficiency judgment, as well as the fact that most debtors who have lost a home in foreclosure are "judgment proof" (that is, they have no assets that the lender can take to collect on the judgment), lenders sometimes choose not to seek a deficiency judgment.
Benefits of Using a Small Mortgage Company Taxpayers can either take the standard deduction or add up itemized deductions (like mortgage interest, student-loan interest, property taxes, and charitable contributions) and use that number.
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.
If the house sells for less, your lender can ask the court for a deficiency judgment, a requirement you pay off everything you owe that wasn’t covered by the sale. In that case you may be stuck with.
A deficiency judgment is a full-fledged judgment for the total balance of the mortgage debt, including all collection costs, legal fees, advances for taxes, insurance, etc etc., less the claimed value of the property foreclosed on AT THE TIME OF THE FORECLOSURE.
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One of the most common questions I receive from sellers who are upside down on their mortgage(s) is what a deficiency judgment is and whether or not it may.
One of the most common questions I receive from sellers who are upside down on their mortgage(s) is what a deficiency judgment is and whether or not it may apply to them. One of the most common questions I receive from sellers who are upside down on their mortgage(s) is what a deficiency judgment is and whether or not it may apply to them if they sell at a short sale, offer a
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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).
A deficiency judgement is where the mortgage lender files in court to require the borrower pay them the difference between what they owed on.