Mortgage Lenders News

What Is A Mortgage Deficiency Judgment?

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.

Deficiency judgment: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.

The deficiency judgment may be sought in the foreclosure action or in. in Florida can be completed by simply allowing the mortgage lien to be.

A Chapter 7 bankruptcy can completely eliminate the deficiency judgment, but with a Chapter 13 filing a portion of the debt might have to be paid. (See Bankruptcy & Foreclosure: Mortgage Deficiency Judgments for more detail.) In Rem Deficiency Judgments. An in rem deficiency judgment

There are three major ways to avoid a deficiency judgment in Connecticut. Two of the three require bank permission and assistance: Chapter 7: Through a properly prepared and conducted chapter 7 case, the U.S. Bankruptcy Code protects you by discharging debt and all personal liability for a deficiency judgment, credit line, second mortgage or.

The total does not reflect any payments they could have made. ES Ventures One LLC has been trying for nearly four years to.

If no action is commenced for a deficiency judgment within that 90-day. judgment for the non-purchase money portion of a mortgage loan (for.

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Deficiency Judgments After Foreclosure in South Carolina In South Carolina, if you go through foreclosure and the sale price is not enough to cover the balance of your mortgage, your lender can come after you for the difference.

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Mitigating Loss When You Have Something to Lose: Deficiency Judgments, Credit. This article discusses strategies for resolving mortgage problems for people.

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Another factor of pursuing a deficiency judgment is whether or not PMI (private mortgage insurance) is involved. Borrowers with less than 20% down are typically required to pay PMI. If PMI is involved, a lender will look to collect from the insurance company to be made whole.