A deficiency judgment is likely the greatest risk associated with foreclosure, from other sources – sources like mortgage insurance or loss-sharing agreements.
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.
That means mortgage companies have recourse; they can recover the deficiency from the homeowner, even after the house is lost to foreclosure sale. Illinois is also a judicial foreclosure state. That means mortgage companies must go to court, receive a judgment, and hold an auction in order to foreclose on a homeowner’s property.
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· What is a Deficiency Judgment? If there is a deficiency after a Sheriff Sale, it is possible for a lender to seek this amount from a borrower. In New Jersey, an action seeking a deficiency judgment must be a separate lawsuit filed by the lender.
A future post will discuss how the amount of a deficiency judgment is determined. A mortgage foreclosure judgment is not a "money judgment," even though it does set the dollar amount owed on the loan being foreclosed. It’s really just the first of two steps in reducing an unpaid loan to a money judgment.
A deficiency judgment is a personal judgment against a borrower for the difference between the foreclosure sale price and the total mortgage debt.
Meanwhile, you can bank the mortgage payment you were making. It’s what’s known as a deficiency judgement. “They don’t want to default. They just need some help to stay in that home, to get it back.
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Yes, a deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property.
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A deficiency judgment obtained by a creditor in court can be used to force borrowers to pay the difference between the amount of money collected in a short sale — or a sale after a foreclosure — and.