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Deficiency Judgement
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Deficiency Judgement
Answers to Common Questions
I am starting this blog because of my specialization in short sales in the Metro-Detroit Michigan area and the lack of accurate information out there surrounding this new and fascinating field. I am a short sale specialist in Oakland, Wayne...
deficiency judgment is a judgment lien against a debtor, defendant or borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. This option may or may not be available to the lender, depending on whether ...
It's not automatic, and I've seen posters on here that have stated that it doesn't happen or it's rare...and that is NOT true. The banks make a calculated risk: Foreclosures are expensive, and the bank knows you have lost your only major ...
More Common Questions
Answers to Other Common Questions
A sale of property which includes some forgiveness of debt by the mortgage lien holder. In case of an economic or financial hardship, the bank or mortgage lender agrees to discount (short) the balance of a loan. This sort of agreement is us...
http://shortsalefriends.com/node/7
Hi Tony, I'm not a lawyer or accountant, but here is my two cents. The answer to your question is basically dependent on what your mortgage paperwork says. It is a recourse or non recourse loan? If it is the first, then yes, they can com...
http://www.trulia.com/voices/Home_Selling/Can_a_deficie...
But if you own a house and need to sell soon or, heaven forbid, you recently bought a condo with plans to flip it for a fast buck, you could be in for a rude awakening. Here's my dirty capital one experience. Econe - april 23, 2007 off topi...
http://interactive.cens.ucla.edu/values/archive/hlp/onl...
Lenders make money from giving loans out to people. They are not real estate investors. If they have a loan on a home that they are receiving no payments for, then they are not only losing the money from the loan payments, but they are lo...
http://stlforeclosureexpert.com/faq/
Though this is a very detailed process, the Homeowner does not pay us for this service.
http://www.officialsiteforforeclosures.com/PreForeclosu...
This varies from state to state so it’s impossible to give you a 100% accurate answer. Below are general explanations about deficiency judgments in the case of a foreclosure and when a short sale is done. As always, educating yourself on th...
http://homesteadsolutionspro.barkleymusicandmedia.com/W...
Foreclosure is the process in which a lender takes back a property they have financed. They do this when the borrower is behind on house payments and unable to catch up. There is a legal time frame that determines how long the foreclosure p...
http://www.shortsaleyourlender.com/?page_id=546
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