Mortgage Foreclosure Deficiency Judgment

Deficiency judgments can follow a mortgage foreclosure, leaving the former homeowners on the hook for thousands or even tens of thousands of dollars. A “deficiency judgment” is an order by a court making the debtor personally responsible for the shortfall that occurs when the property is sold in foreclosure for less than the balance owed to the mortgage lender.

BREAKING DOWN ‘Deficiency Judgment’. Associated mostly with mortgage foreclosures, the legal principle of a deficiency judgment could apply to any secured loan where the property sells for less than the loan amount due, such as a car loan. home mortgages are designed to avoid the possibility of deficiency by requiring borrowers.

The basics of deficiency balances, deficiency lawsuits, and deficiency judgments in Florida. A secured loan is a loan in which specific property is pledged as collateral for the loan as opposed to an unsecured loan which is only backed by the creditworthiness of the individual. Most people know secured loans as mortgage loans and car notes,

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.

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Plaintiff seeks to foreclose on a mortgage encumbering property known as. On December 19, 2018, Plaintiff moved for a.

Are deficiency judgments permitted in Pennsylvania? Yes. A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.

If there is a foreclosure against the property and the foreclosure sale does not yield enough to cover the outstanding mortgage debt, the note serves as the basis for a deficiency judgment against the.

My ex foreclosed on a jointly-owned second home located in NC which was awarded to him in our divorce. A few months after the foreclosure was finalized, the deficiency balance was transferred/sold to.

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