0
Lenders don't issue deficiency judgments. Courts do. And if the lender doesn't get the total amount owed, including all the costs of trying to recover (legal, towing, fix up, maintenance, interest, fees, etc), then they would ask the court for this judgment and normally get it.
What else can I help you with?
Does the state of Illinois allow mortgage companies to sue for a deficiency judgment after the foreclosure?
yes
What is the process for obtaining an Illinois deficiency judgment after a foreclosure sale?
To obtain an Illinois deficiency judgment after a foreclosure sale, the lender must file a lawsuit within 90 days of the sale. The court will then determine the amount owed by the borrower, taking into account the sale price of the property and the outstanding loan balance. If the court finds a deficiency, the lender can seek a judgment for the remaining amount owed.
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.
Is Indiana a non recourse state?
No... Illinois is a recourse state.... They can come after you for a deficiency judgment.
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 Ohio a deficiency judgment state?
Yes, it is.
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 South Carolina a deficiency judgment state?
Yes
Is child support a judgment against you?
In Illinois, each payment is a judgment.
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.
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.
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.
