What Is A Mortgage Deficiency Judgment?

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Q. What exactly does a deficiency waiver mean? A.A waiver of deficiency means that the mortgage company has agreed not to sue you for the unpaid balance that may remain after the home is sold (whether via a foreclosure sale, short sale or deed in lieu of foreclosure).

Remember, if you default on the mortgage and it goes into foreclosure and is sold at auction, the seller (unless it`s an FHA loan) is liable for any ”deficiency judgment” that results. That`s the.

Banks usually have four years in which to file a deficiency judgment, but they can sell it to a third-party collection agency – "and the collection firms can chase you down for 20 years," Davis said..

"Just because they don’t have the money to pay the entire mortgage, doesn’t mean they don’t have enough for a deficiency judgment," said Florida foreclosure defense attorney Michael Wayslik. Advocates.

. don’t want to stick your head in the sand and let the lenders get a deficiency judgment against you. (The deficiency is the difference between what was owed on a mortgage and the sale price of the.

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.

Connecticut Fair Housing Center. Foreclosure Prevention Clinics – The Center’s foreclosure prevention legal clinics in Hartford and Fairfield County are open to any homeowner facing foreclosure.No pre-registration is required. There is no charge. Representing Yourself In Foreclosure: A Guide for Connecticut Homeowners

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Hi All, What is the likelihood of a bank coming after me for a deficiency judgment when the mortgage in question is a 2nd mortgage and it's less.

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Ya'll. (I'm in the South so it's ok to say “ya'll” even in a legal update). It shouldn't be that hard to get a deficiency judgment in North Carolina.

While it is good to be thinking proactively, it is very important before a debtor decides to file bankruptcy because of a mortgage deficiency that.