When an individual goes through a foreclosure in Illinois and the sale price is unable to cover the mortgage, in some situations the lender can pursue the person.
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.
Deficiency judgments can follow a mortgage foreclosure, leaving the former homeowners on the hook for thousands or even tens of thousands of dollars.
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.
And two, it is likely a deficiency judgment will be entered against the two of you. This "deficiency" is the difference between the amount owed on the mortgage (plus costs, interest and attorneys fees.
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A deficiency judgment forces a defaulted borrower to sell personal property to settle a debt. A borrower sells the mortgaged property for less than what is owed on the loan balance. A foreclosed property is sold quickly at a public auction instead of through a standard sales process.
For the benefit of my readers, a deficiency judgment is entered into by a judge. Let’s say the outstanding balance of your mortgage was $250,000, and the property was sold at a foreclosure sale for.
Arizona's mortgage deficiency statutes (A.R.S. 33-729, 33-814 and. the right pursuant to applicable Arizona law to obtain a mortgage deficiency judgment.
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Mortgage creditors can garnish your wages, attach bank accounts, or file liens against your property in order to collect a deficiency judgment after foreclosure.