What Is A Mortgage Deficiency Judgment?
Instead, since the bank is accepting a loss on the mortgage, they have to approve the short sale. Sometimes the lender can file what’s known as a "deficiency judgement" against you to make up the.
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deficiency judgment. A lawsuit and judgment against a debtor for the remaining balance due on a promissory note after giving credit for any repossessed or foreclosed collateral. Example: Sarah has a mortgage for $200,000 on her home. She defaults on her loan, and the bank forecloses.
· 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 attorney’s fees for the foreclosure. In some states, the bank can also tack on interest and penalties.
A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in full.
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A deficiency judgment is levied against an individual who has gone into foreclosure and still owes money on his mortgage. If the house is sold and there is still a balance left over, the lender could potentially sue the homeowner for the extra money. If the judgement is successful, the individual will have to come up with the additional money to pay the lender.
Article 2b. injunctions; deficiency judgments. 45-21.34. Enjoining mortgage sales on equitable grounds. Any owner of real estate, or other person, firm or.
A "Deficiency Judgment" refers to the amount of money still owed on your mortgage after a short sale, deed in lieu of foreclosure or your decision to walk away from the mortgage. The remaining amount plus collection costs, attorney’s fees and interest make up the deficiency balance and once the bank obtains a judgment for that balance.
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A deficiency judgment is an order by the Court authorizing a lender to collect the amount of money that is still owed by a borrower on a mortgage after their property is foreclosed. The “deficiency” amount is the amount left after the foreclosure sales price of the property is deducted from the mortgage balance.