What Is A Mortgage Deficiency Judgment?

Deficiency judgments: If the commercial foreclosure sale amount is less than the amount of the outstanding secured indebtedness, the holder of the mortgage or deed of trust may pursue a deficiency.

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Whether a mortgage deficiency or auto deficiency, if you are sued, the debt can turn into a secured debt once again if the creditor is able to win a judgment against you in court. "It does not be come.

There are three major ways to avoid a deficiency judgment in Connecticut. Two of the three require bank permission and assistance: Chapter 7: Through a properly prepared and conducted Chapter 7 case, the U.S. Bankruptcy Code protects you by discharging debt and all personal liability for a deficiency judgment, credit line, second mortgage or.

A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed.

Associated mostly with mortgage foreclosures, the legal principle of a deficiency judgment could apply to any secured loan where the property.

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.

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A deficiency judgment is a court judgment that a mortgage lender gets against a homeowner after a foreclosure. Many states prohibit deficiency judgments, but Virginia, Maryland and the District of Columbia all allow them.

Are Deficiency Judgments Common? Because of the time and cost involved in seeking a deficiency judgment, as well as the fact that most debtors who have lost a home in foreclosure are "judgment proof" (that is, they have no assets that the lender can take to collect on the judgment), lenders sometimes choose not to seek a deficiency judgment.

In some states, you may be on the hook for a mortgage deficiency after foreclosure. Bankruptcy can wipe out your liability.

In a non-recourse mortgage state, borrowers are not held. from seeking a deficiency judgment after foreclosure.

Whether your lender can go to court and get a judgment for the deficiency, and. foreclosure, you might still owe your mortgage lender money after the sale.