Mortgage Foreclosure Deficiency Judgment

The General Assembly will consider a handful of bills related to the mortgage crisis. known as a deficiency, will become a bigger problem, pointing to an increase in the number of cases. The number.

Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale. This article explains the ways a mortgage lender can collect a deficiency judgment.

A Bankruptcy Discharge Can Eliminate Your Deficiency Judgment. In general, a mortgage deficiency judgment is treated like any other general unsecured debt (such as medical bills) in bankruptcy. This means that whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, once you receive your discharge your personal liability for a mortgage deficiency will be wiped out. But keep in mind that if the mortgage lender has already placed a lien on any of your other property, your discharge.

After a foreclosure sale, the lender may either seek a deficiency judgment in the foreclosure case itself, or may file a separate lawsuit for the deficiency. But there is a split of authority in Florida’s appellate courts on whether a lender may pursue a separate deficiency action where the foreclosure judgment has reserved jurisdiction in.

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Deficiency Judgments in Foreclosure Actions. By Bart R. Valdes, Esq. and P. Hayden Haskins, Esq.. Florida is at or near the top of the charts in regard to the number of foreclosure filings, the number of properties sold at foreclosure sales, and the total number of distressed properties.

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What is a Deficiency After Foreclosure? Many houses are "underwater," meaning that the homeowner owes more than the house is worth. When a mortgage lender forecloses on a home, the property goes to Sheriff Sale.After the Sheriff Sale, the borrower is entitled to a credit for fair market value on the amount owed.

Problems on typical home loans usually don’t crop up before foreclosure. They tend to come after the bank sells the home and ends up short. In Florida, banks can go to court for a "deficiency judgment.