“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.
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· Check the foreclosure rate in your state. Deficiency judgments on short sales and deeds-in-lieu can happen in many more places. In these cases, extinguishing the debt is often a matter of negotiating with the bank. But even when lenders are willing, many borrowers may not be aware that they have to ask for release.
Because deficiency laws are complex and vary from state to state, consider talking to a knowledgeable attorney in your area to learn whether you may be on the hook for a mortgage deficiency. A Bankruptcy Discharge Can Eliminate Your Deficiency Judgment. In general, a mortgage deficiency judgment is treated like any other general unsecured debt.
· Deficiency Judgments in New York Foreclosures. Many of our clients own either residential or commercial property and may not be able to make their mortgage payments. They may become subject to a foreclosure lawsuit brought in the appropriate Supreme Court, in which the lender seeks to foreclose on its mortgage and take over ownership of the property in question.
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The lender first foreclosed on the mortgages, then purchased the land at the foreclosure sale for a sales price that was several million dollars less than the amount of the debt, and then sought a.
· What is a Deficiency After Foreclosure? Many houses are “underwater,” meaning that the homeowner owes more than the house is worth. When a mortgage lender forecloses on a home, the property goes to Sheriff Sale.After the Sheriff Sale, the borrower is entitled to a credit for fair market value on the amount owed. After getting credit for fair market value, any additional amount still owed.
which protect certain residential borrowers from a deficiency judgment following foreclosure. These statutory changes, which apply to mortgages or deeds of trust that originate on or after January 1,
Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale.