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"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. Borrowers.
1976) (“But when [the mortgagee] chose to take a deed in lieu of foreclosure, the deed discharged the [mortgagor] and the mortgage debt entirely.”) Most states have statutes requiring a mortgagee to.
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.
But in many states, the mortgage lender could add insult. after a foreclosure depends on the state where the foreclosure occurred. While most states allow lenders to pursue a deficiency judgment, a.
An experienced Texas debt relief attorney can explain the law to an interested person and advocate diligently on his or her behalf to contest a deficiency.
“Deficiency judgments are absolutely devastating to the foreclosed. “Further, with 1.1 million seriously delinquent mortgages looming on the foreclosure horizon – triple the Enterprises’.
If they do not file the deficiency judgment within the allowable timeframe, can they still come after us for any money owed? If the money is not paid back to the mortgage company, will the foreclosure.
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A deficiency judgment is a lawsuit filed by the lender for the amount the borrower owes. This would typically occur after a foreclosure or a short sale. For example, if the borrower owes the mortgage.
Mortgage Deficiency Judgments: (April-June 2010 Litigation Quarterly) A Brief Overview . Amid the current economic crisis, foreclosure sales are running rampant, lawyers are howling at the moon on behalf of their clients, and the courts are seemingly befuddled.
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,
Banks are increasingly pursuing deficiency judgments against former homeowners who lost their homes in foreclosures. Lenders may sue borrowers for mortgage debt that isn’t covered in a foreclosure.