The deficiency judgment allows it to take money from your paycheck by garnishing your wages, or from your bank by levying against your checking or savings account. Your creditor can take your tax refund to pay your debt, as well. (Find out more in Delinquent Debt: What to Expect in Debt Collection.) Other Problems Could Follow You, Too
A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collections. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.
One of the biggest questions that I am repeatedly asked as a foreclosure defense attorney is, "What is a deficiency judgment and how does it work?" Answer is: A deficiency judgment is a filing from the bank against a homeowner or borrower that has gone through foreclosure. The filing is for the amount of money that the bank lost because [.]
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The funder’s share may be calculated from several factors: 1) the sum of money. of distressed debt from bringing claims related to the debt in question. The Court of Appeals answered that the.
Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale.
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I’m sure we’ve all heard the stories of homeowners refusing to pay their mortgages and living rent-free. finally sell the debt to a collection agency, they can also charge interest. And, if they.
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Period. To obtain a deficiency judgment, lender must use the judicial foreclosure process. Unclear what your lenders did. 3. Deficiency judgments on purchase money loans are generally prohibited in California. If your mortgage was one of those 80/20, where the entire amount went to the purchase, then no deficiency.
They are even working on simply forgiving some of the debt for you. If you allow the default to result in full foreclosure, there are other minor details such as a deficiency judgment or a. this.
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