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A homeowner who is foreclosed upon in the State of Maryland is exposed to the lender pursuing a deficiency judgment for the portion of the total debt not repaid from the proceeds of the foreclosure sale. The lender must pursue the in personum judgment (judgment against the person) within 3 years of the final ratification of the foreclosure.

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โˆ™ 2010-09-01 15:20:45
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Q: What deficiency judgment laws in Maryland?
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Related questions

What is deficiency judgment in Maryland?

its where your home was foreclosed on and whatever it sold for was less then what you owed you could have to pay the remaining balance

Can a judgment be placed on you due to a deficiency in a repossession?

Yes, the lender can file suit for the outstanding amount and if they receive a judgment they can execute the judgment in the manner in which the laws of the judgment debtor's state allow.

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.

What are the deficiency judgment laws in Pennsylvania?

Deficiency judgments are allowed in Pennsylvania if the mortgage company files a separate lawsuit against the borrowers after the original foreclosure auction. If the mortgagee (usually the foreclosing bank) purchases the property at the auction, the amount of any deficiency judgment is limited by the fair market value of the property.

Can a lender file Deficiency Judgment in Indiana?

Yes, a lender can file for a deficiency judgment in Indiana. The court has to approve the judgment in order to prosecute.

What are Colorado's laws regarding deficiency judgments after a non-judicial foreclosure?

Colorado is a full recourse state. Creditors may pursue a debtor for a deficiency judgment for 20 years after the debt was incurred. Moving to another state could result in the creditor domesticating the deficiency judgment and then the new state's statute of collection limitations would apply.

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?

Is Florida a nonrecourse state?

No it is not. However to obtain a deficiency judgment requires an additional court action and many banks are not pursuing a deficiency judgment.

Does Florida have anti-deficiency laws?

Does Florida have anti-deficiency laws?

If you filed bankruptcy and are now facing foreclosure can the bank get a personal deficiency against you?

Yes, if the state and loan documents allow for a deficiency judgment, the bank can sue for one after the home has been sold at the sheriff sale and there is a deficiency. If the homeowners are sued after the public auction and the bank gets a deficiency judgment, then bankruptcy can be used to discharge the judgment. However, bankruptcy can not be used in advance before a deficiency judgment or other debt even exists to preclude its possibility.

Is Florida a deficiency judgment state?


Is Ohio a deficiency judgment state?

Yes, it is.

What is the process for a deficiency judgment in Michigan?

In Michigan, deficiency judgments are allowed after a sheriff sale of a property in foreclosure. If the mortgagee (usually the bank or investor that owns the mortgage) purchases the property at the public auction and sells for less than its fair market value, homeowners may be able to raise this as a defense to limit the size of the deficiency judgment. Michigan foreclosure laws are discussed at the following section of the Michigan Code: Mich. Comp. Laws sections 600.3101 to 600.3180, 600.3201 to 600.3280

What happens after a judgment of foreclosure on a mortgage?

In very broad terms, the judgment creditor can apply to the court for a writ of sale and have the sheriff sell the property at a public auction. The exact time line will vary by state and will depend on whether or not you are entitled to a deficiency judgment. For example, California has two different time lines. If a deficiency judgment is not available or the creditor waives the right to get a deficiency judgment, then the sheriff gives 120 days notice of levy and 20 days notice of sale. if there is the right to have a deficiency judgment, the sale occurs after 30 days but the owner has a 90-day right of redemption.

Can they place a lien on your business property in Maryland for a deficiency judgment which is against you ex-husband in addition to you?

If both parties are named in the judgment, then a lien can be placed against the property of either or both parties. There may be, however, the possibility of appeal and removal of one party due to the dissolution of marriage.

Is South Carolina a deficiency judgment state?


Do anti deficiency laws pertain to refinanced first mortgages?

According to the Anti Deficiency laws, anti deficiency laws applies to the refinanced first mortgage as long as the property is used as a primary residence of the purchaser.

Is there deficiency judgment in Florida?

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.

Does Michigan have a anti-deficiency law?

No, you can have a judgment against you for a default.

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.

In Florida are sellers of a home responsible for deficiency judgments?

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.

Who makes the laws for the state of Maryland?

The laws for the state of Maryland are made by the State Congress in Maryland. This is true in all states.

Whenyour home is in foreclosure can a bank auction it off at any price and leave you with the difference or are laws in place stating how much they can auction it for I live in Ohio?

They can sell it for $1.00 if it is a auction and you can be libel for a deficiency judgment.

Who makes the law for Maryland state?

The Maryland state legislature makes the laws for Maryland. The governor of Maryland has veto power. The Maryland state court system can interpret and strike down the laws.

Is California a non deficiency state?

My understanding is that you are right and the deficiency judgment cannot be persued after the foreclosure action by the lender that did the foreclosure in California "IF THE LOAN is a PURCHASE MONEY loan (which means the loan was used to purchase the property). However, if the loan is a refinance or a HELOC than the No Deficiency Judgment Rule does not apply. However, if a Short Sale is done instead of a Foreclosure - then the foreclosure action no longer exists and the lenders (non-purchase or purchase) can persue a deficiency judgment. Also - if I understand this correctly - even if the second lender is purchase money - if the 1st forecloses, the second did not - and therefore may be entitled to persue a deficiency judgment.