What Is A Mortgage Deficiency Judgment?

A deficiency judgment is a judgment lien against a borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. Deficiency judgments are limited to the fair market value of the property less the unpaid balance of the loan that was foreclosed.

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A deficiency judgment on a foreclosure is a court order making the debtor personally liable for the outstanding debt of a home mortgage. A lender can also initiate action against a debtor in a short sale or deed in lieu of foreclosure.

Another factor of pursuing a deficiency judgment is whether or not PMI (private mortgage insurance) is involved. Borrowers with less than 20% down are typically required to pay PMI. If PMI is involved, a lender will look to collect from the insurance company to be made whole.

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Deficiency judgment: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.

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 · When a lender forecloses on a mortgage, the debt often exceeds the amount that the lender recovers through the foreclosure sale. In states classified as “non-recourse,” the lender cannot seek a judgment against the debtor to recover the deficiency. “Recourse” states allow lenders to seek a deficiency judgment against the debtor.

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In Maryland, debt collectors have up to 12 years to take homeowners to court for outstanding mortgage debt after foreclosure. The process is known as a deficiency judgment. The proposed bill would.

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.

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