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If your home is foreclosed on are you still liable for the mortgage?
To answer this we would need to know where the home is. States such as California only allow lenders one action, which is usually the foreclosure. After that they can not be persued. A second mortgage however, may persue if they did not do the foreclosure. Other states allow for deficiency balances to be persued through collection actions and the courts.
Can lender pursue deficiency judgment for the difference after a short sale?
Some states allow deficiency judgments after the short sale. Some states allow deficiency judgments after repossession or foreclosure. Each state has its own rules.
Which US states allow deficiency judgments?
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.
What is the reason for Checks and Balances?
Checks and balances allow the branches of government to equalize power. Without checks and balances, one branch of government could become too powerful.
What system does not allow one branch of government to become to powerful?
Checks and balances.
The system of and balances does not allow one branch of government to become too powerful?
Checks
Does the state of Illinois allow mortgage companies to sue for a deficiency judgment after the foreclosure?
yes
Can you charge collection fees to account?
Yes. It depends on your state. Most states allow up to 30% of the balance. However this depends on the type of debt incurred by the debtor.
Does Indiana have a anti deficiency law?
Anti deficiency laws are laws in a state that prohibits lenders from suing borrowers for deficiencies. In Indiana there are conditions that allow for Judgements to be issued.
Do checks and balances allow the president to veto bills passes by both house of congress?
yes
Why did the writers of the constitution add balances to the federal government?
To allow leaders to make bolder decisions
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.
