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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.

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10y ago

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When answering a deficiency judgment complaint can you also ask for dismissal of the case based on personal insolvency?

Insolvency is not a defense to a complaint for a foreclosure deficiency. If you have filed bankruptcy and the debt was discharged, that would be a defense.


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.


Does the state of Illinois allow mortgage companies to sue for a deficiency judgment after the foreclosure?

yes


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.


Deficiency judgments on foreclosures in KY does it happen?

Yes, there are deficiency judgements on foreclosures in the state of Kentucky. A person could have a personal judgement for the balance owed. An attorney can help you decide the best course of action.


Can there be a deficiency judgment on a mortgage foreclosure in West Virginia?

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.


What deficiency judgment laws in Maryland?

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.


What are the deficiency judgment laws in Minnesota?

Minnesota is both a judicial and non judicial foreclosure state . Foreclosure by action is a judicial foreclosure and foreclosure by advertisement is a non judicial foreclosure . The vast majority of foreclosure than happen in MN are by advertisement. Under foreclosure by advertisement the rule is that however takes the loan to sheriff sale relinquishes their right to a deficiency judgement. As most foreclosures are initiated by a first position mortgage there is still a potential deficiency that could arise from a second position mortgage.


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.


Does Pennsylvania have an anti deficiency law?

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


Are deficiency judgments allowed in Minnesota after foreclosure?

In certain cases, deficiency judgments are allowed in Minnesota after a foreclosure. While they may be allowed in a judicial foreclosure proceeding, the amount of the judgment may be limited by the fair market value of the property that was foreclosed on. Homeowners have the right to a jury trial to determine the fair market value of the property. If nonjudicial foreclosure is used with a power of sale clause in a deed of trust, and the six month redemption period is available to the homeowners after foreclosure, a deficiency judgment is not allowed. Minnesota statutes relating to foreclosure of real estate are located at the following place in the state laws: Minn. Stat. sections 580.01 to 580.30


Is Oregon a real estate deficiency judgment state?

Yes, Oregon is a deficiency judgment state. This means that if a property is sold in a foreclosure and the sale price is less than the outstanding mortgage balance, the lender can seek a deficiency judgment against the borrower for the remaining amount. However, in Oregon, the borrower must be notified of the lender's intent to pursue a deficiency judgment, and there are specific rules governing the process.