A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.
This is when you receive a judgment for a foreclosure because you do not have the money to pay your mortgage. Most foreclosures are a result of this, this is just a more specific term pertaining to this.
Yes.
That means that the cross claimant in the lawsuit was granted a judgment against the cross defendant(s). If the judgment is not satisfied in full immediately, the property in jeopardy will be foreclosed upon.
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.
While any judgment can attach against real property, only a judgment and decree of foreclosure can result in the foreclosure of real property. Decrees of foreclosure are only added to judgments as a result of non-payment of a mortgage or deed of trust, or other security instrument.
You can reinstate your mortgage after judgment was entered. The bank can move to have the court set aside the judgment.
yes
usually 7 years
No, it's probably not a valid foreclosure at this point. This is what the foreclosure hearing will be meant to establish. The fact that the bank is pushing the house into foreclosure does not mean that they will be allowed to sell the house at a public auction. Instead, they will have to sue the homeowners through the court system and obtain a judgment, based on nonpayment of the original mortgage. The judgment will be the impetus for selling the home at a public sheriff sale, and proceeds from the foreclosure auction will be used to pay off the judgment. However, if the mortgage has been paid as agreed, this evidence should be presented at the hearing to the court. The court may request more documentation from the lender to back up the charge of defaulting on the loan. If the loan has been paid as agreed, then there is no grounds for a foreclosure judgment to be issued.
You lose your home and any equity you had invested in it. If the eventual sale of the home does not cover your debt to the Lender, they may come after you for the difference. This could result in a judgment against you. Your credit score is adversely affected by the foreclosure, and possible judgment.
In the Final Judgment of Foreclosure, there will be a date listed. You can stay in your (or what was your home) until that date. On that date, the sheriff will show up and will evict you and then they'll probably change the locks, too.
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.