Florida Home Loans News

What Is A Mortgage Deficiency Judgment?

Banks who have made mortgages in North Carolina are allowed to seek deficiency judgments against borrowers. The lesson to be learned is that if you owe more on your mortgage than your house is worth and the property is in a state that allows lenders to seek deficiency judgments, you may still owe money even after foreclosure.

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A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed. For purposes of calculating the amount of deficiency liability, the foreclosed property "value" is the fair market value on the date of the foreclosure sale auction.

Deficiency Judgments. A deficiency is the difference between the principal balance due and the amount received, providing the amount received is less than the amount owed. Whether the bank can pursue a deficiency judgment after a foreclosure or short sale depends in part on whether the promissory note makes the seller personally liable for the debt.

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.

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In most states, lenders can sue borrowers to recover the deficiency. If the court awards the lender a deficiency judgment, the lender can use the judgment to garnish the borrower’s wages or freeze the borrower’s bank accounts until the deficiency judgment is paid off. Are Deficiency Lawsuits Allowed in Your State? The laws governing deficiency judgments vary from state to state. Some states give.

Qualifying For Home Loans With Deficiency Judgments. This BLOG On Qualifying For Home Loans With Deficiency Judgments Was UPDATED On March 11th, 2019. mortgage borrowers can qualify for home loan with bad credit. Lenders with no overlays will not require borrowers with outstanding collections and charge off accounts to pay those off.

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