Deficiency judgments are fairly common everywhere on large houses. The more the amount you owe on a house, the more you are likely to have a judgment filed against you.
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You can avoid the laws if your lender agrees not to press charges for deficiency. You can also file for a chapter 7 bankruptcy.
Yes, deficiency judgments are allowed in the state of Florida. When the lawsuit is filed, homeowners have the right to a jury trial to hear the deficiency case. Also, the bank must have in-hand service of the lawsuit paperwork on homeowners in order to include a deficiency judgment action in the original case.
Some states allow deficiency judgments after the short sale. Some states allow deficiency judgments after repossession or foreclosure. Each state has its own rules.
If the sellers sold the home for as much as they owed on the loan, there is no possibility for a deficiency judgment, since there is no deficiency. If the sale was through a short sale where the bank took less than it was owed but allowed the homeowners to sell and walk away, the bank would have to sue for the deficiency judgment.
Whatever they can sell to reclaim their losses. You may need to proceed with bankruptcy to protect other assets. Consult an attorney for specifics.
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None. There is no debtor's prison in the US.
Yes, deficiency judgments can happen in Kentucky following a foreclosure. A deficiency judgment is a court order that allows the lender to recover any remaining balance on the mortgage that was not satisfied through the foreclosure sale. However, it is important to note that Kentucky has certain limitations and requirements for deficiency judgments, including a requirement for the lender to file a motion for deficiency judgment within two years of the foreclosure sale.
according to this website, NC does have an anti-deficiency provision. http://www.helocbasics.com/list-of-non-recourse-mortgage-states-and-anti-deficiency-statutes/
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Most US states allow deficiency judgments, which allow lenders to pursue borrowers for unpaid debt remaining after a foreclosure or short sale of a property. Some states have specific laws regulating deficiency judgments, such as limitations on the amount that can be pursued or requirements for the lender to apply for the judgment within a certain timeframe. It is important to consult with a legal professional in your state to understand the specific rules and regulations regarding deficiency judgments.