What Is A Mortgage Deficiency Judgment?

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A deficiency judgment is a court judgment that a mortgage lender gets against a homeowner after a foreclosure. Many states prohibit deficiency judgments, but Virginia, Maryland and the District of Columbia all allow them. Different states impose different limits on when a lender can pursue a deficiency judgment. But the basic premise is the same.

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 price, but also the costs of the sale, and the.

While HAFA can help with move-out cash and potential deficiency judgments three big problems remain. be considered no better or worse for your FICO score.” Second, the Mortgage Forgiveness Debt.

This article explains the ways a mortgage lender can collect a deficiency judgment. (learn more about deficiency judgments after foreclosure.) Judgment Liens. The mortgage lender can get a judgment lien against your personal property and other real estate that you own within the county, giving it a security interest in that property. This means the bank can foreclose on that other real estate-it might do this if you have equity and the bank thinks it’ll get enough money to make the effort.

"Just because they don’t have the money to pay the entire mortgage, doesn’t mean they don’t have enough for a deficiency judgment," said Florida foreclosure defense attorney Michael Wayslik. Advocates.

A True Deficiency Judgment. The second outcome is that if your property is worth $100,000 but sells for $50,000. The $50,000 difference is called a deficiency, not a deficiency judgment. A deficiency is the difference between the amount you owed on your mortgage and what your lender sold it for at auction.

Real property can be sold under a power of sale in a mortgage deed or trust that is in default, but the lender is unable to obtain a deficiency judgment.

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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.