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A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collection. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.
Money Pays the Landlord and FAH Refinance Can Lower THe payments. money pays the rent and fha streamline can lower the payment. posted by Short Stories at 10:51 AM 0 comments. Sunday, October 12, 2008. debt colectors love foreclosure deficiency judgmen. In tropical sea is the short sale.
3rd party debt collectors buy bad debt, including deficiency judgments. So, even though they will claim you have to pay the judgment amount plus interest and fees, you don’t have to pay them!! If they want to make you pay, then they will need to validate the debt, and a copy of a judgment is evidence of a debt but not evidence that it is owed.
If a debt collector threatens to sue you over an account that is beyond the state statute of limitations on debt they are in violation of the Fair Debt Collection Practices Act. In fact, it is an FDCPA violation for a debt collector to even try and collect a debt that is past the debt collection statute of limitations without advising you that.
How much money can you save by living with your parents? Mortgage Masters Group They have a $150,000 balance on their home mortgage, owe $16,000 on two car loans and have $3,000 in credit card debt. jason has group life insurance. to get a sense of how much life insurance.
Say the total debt owed on the first mortgage is $700,000, but the home sells for $650,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment, which is called a deficiency judgment, against the borrower to recover the deficiency. Generally, once a deficiency judgment has been obtained, the lender may collect this amount – in our example, $50,000 – from the borrower by doing such things as garnishing wages or
Negotiate the judgment; Don’t just pay it. If the judgment has been verified as timely and you have no other documentation to prove it is not, then you can negotiate with the JC to dismiss the judgment in exchange for money. This is a much better rating than a "satisfied judgment". It tends to indicate that it was dismissed therefore "legally.
Why are companies like Real Time Resolutions and other debt companies holding short sales hostage? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.