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If you’re sued by your mortgage lender after your home has been foreclosed upon, the first thing to do is consult an attorney. If your lender sues you after a foreclosure, the lending institution is.
A deficiency judgment usually occurs when the foreclosure sale price does not satisfy the outstanding mortgage balance, the lender sues the borrower for the difference and "wins." For example, let’s say that a house with a mortgage balance of $500,000 is sold for $300,000 at foreclosure.
If your Mortgage Company forecloses, your troubles don’t end. Your credit may suffer for years to come, but most people aren’t worried about the distant future. A more pressing problem can be a deficiency judgment. The bank might bring legal action against you to try and collect what they couldn’t
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law.
When a home forecloses for a lower amount than its outstanding mortgage debt, or its fair market sale price is lower, this is.
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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In Maryland, debt collectors have up to 12 years to take homeowners to court for outstanding mortgage debt after foreclosure. The process is known as a deficiency judgment. The proposed bill would.
Deficiency Judgment. An assessment of personal liability against a mortgagor, a person who pledges title to property to secure a debt, for the unpaid balance of the mortgage debt when the proceeds of a foreclosure sale are insufficient to satisfy the debt.
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.