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2010-09-01 15:20:45
2010-09-01 15:20:45

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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Related Questions


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


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.


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.


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


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.



Does Florida have anti-deficiency laws?


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


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.


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.


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


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.


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.


You can read an overview of the child custody laws in Maryland at the related link.You can read an overview of the child custody laws in Maryland at the related link.You can read an overview of the child custody laws in Maryland at the related link.You can read an overview of the child custody laws in Maryland at the related link.


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.


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


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


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.


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.


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.


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.


People were compelled to listen to the laws of colonial Maryland.



When a lender forecloses on a mortgage, the total debt owed by the borrower to the lender frequently exceeds the foreclosuresale price. The difference between the sale price and the total debt is called a "deficiency."Example. Say the total debt owed is $200,000, but the home only sells for $150,000 at the foreclosure sale. The deficiency is $50,000.


Arizona allows deficiency judgments, but there is one exception that allows many homeowners facing foreclosure to avoid this worry. Purchase money mortgages on one- or two-family homes on less than two-and-a-half acres will be denied deficiency judgments. However, a deficiency judgment in any case may be allowed if a court finds that the homeowners committed waste. Ariz. Rev. Stat. sections 33-741 to 33-749, 33-801 to 33-821, 12-1281 to 12-1283, 12-1566



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