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In the United States, the ability to collect deficiency balances after a foreclosure varies by state. Most states allow lenders to pursue deficiency judgments, but some have restrictions or specific conditions. For instance, states like California and Arizona have laws that limit or prohibit deficiency collections on certain types of loans. It's essential to consult state-specific laws for accurate and detailed information.
What else can I help you with?
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?
Many states allow deficiency judgments in one kind of foreclosure, but not another. Often, a deficiency can be pursued in a judicial foreclosure, but not if a power of sale clause is used to auction a home outside of the court process. Homeowners should look up their own state laws and type of foreclosure being used against them.The following list should be taken as a guide and not as legal advice or as particularly relevant to one borrower's case.These states allow deficiency judgments without limits in certain kinds of foreclosure:AlabamaAlaskaConnecticutDelawareDistrict of ColumbiaFloridaHawaiiIllinoisIndianaKentuckyLouisianaMarylandMassachusettsMissouriNew HampshireOhioRhode IslandTennesseeVirginiaWashingtonWyomingThese states allow deficiency judgments with certain limits on the amount that can be granted in a judgment:ArizonaArkansasCaliforniaColoradoIdahoIowaKansasMaineMichiganMinnesotaMississippiNebraskaNevadaNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth CarolinaSouth DakotaTexasUtahVermontWest VirginiaWisconsinDeficiency judgments are not allowed on residential properties in Oregon under judicial foreclosure proceedings, and at all in power of sale foreclosures.
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
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.
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.
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.
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
