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If you are a co-owner of real property did not sign the mortgage and it's foreclosed can you be held responsible for a deficiency judgment?
Wiki User
∙ 14y ago
If you did not sign the mortgage then you have no obligations relating to it. You are not responsible for any deficiency. If you owned the property at the time the mortgage was executed by a co-owner, the lender cannot foreclose on your interest at all. If you received your interest by deed after the mortgage was executed the lender can take possession of the property and you will be dispossessed of your interest.
Wiki User
∙ 14y ago
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How do you know if you would get a deficiency judgment on your forclosure. Do they go after pension or social security?
Can there be a deficiency judgment on a mortgage forclosure in virginia?
Can a mortgage company report a foreclosure?
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
Does the state of Illinois allow mortgage companies to sue for a deficiency judgment after the foreclosure?
yes
What is a deficiency judgment?
A deficiency judgment is where the owner of a mortgage or deed of trust is awarded a judgment against the borrower in the amount of: the amount of money owed in the mortgage or deed of trust minus the amount of money the property sold for at foreclosure sale If the above amount is a positive number, some states allow the lender to get a judgment for that amount.
With second mortgage holder asking the homeowner to sign a deficiency judgment isn't this lien dropped if the home is foreclosed and goes to public auction?
HOMEOWNER SHOULD SIGN NOTHING...the 2nd mortgage is cut off in the foreclosure action against the 1st mortgage as it affects real property...if the 2nd mortgager holder is looking for a signature, then they should get it from the judge
Can the private mortgage insurer sue the homeowner for the deficiency it pays to the lender after a foreclosure?
Yes, the private mortgage insurer can sue the homeowner for the deficiency. They can get a judgment against the home owner for the difference.
Can there be a deficiency judgment on a mortgage foreclosure in West Virginia?
No, adeficiency judgment may not be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures.
Do I still have to pay back my mortgage company after they foreclosed my home?
It will depend on the contract and conventions where the foreclosure took place. In many states where homes loans are secured by a trust deed the lender can only force the sale of the house and there is no possibility of a deficiency judgment when the sale was a trustee sale. If you really want to know have a lawyer in your state review your contract and default action the lender has filed. Lenders can file for a judicial action which can include a deficiency judgment if they believe there was mortgage fraud and the borrowers has assets.
If your home is foreclosed by the bank can they also take and sell another piece of property that was not included in the foreclosed mortgage?
No. Generally a bank has obtained a judgment to foreclose on a mortgage covering a specific property with the dwelling or building. They only have the right to take the property covered by the mortgage. They have no right to take any personal property. In some jurisdictions the bank may go back to court for any deficiency if the foreclosure auction brings less than was owed on the mortgage. In that case the bank may win a money judgment that would enable it to take other personal property you own to satisfy the judgment. However, most banks never go that far and are satisfied with the foreclosure.
If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.
What can a lender do when the second mortgage is not paid in full due to foreclosure?
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
What are the deficiency judgment laws in Indiana?
If there is an agreement and an applicable waiting period is not waived, a deficiency judgment may be obtained on a mortgage in Indiana. This means that deficiency judgments in the state of Indiana are allowed by state statute if it is authorized by loan documents and if borrowers do not waive applicable waiting period.
