A deficiency judgment is a court judgment that a mortgage lender gets against a homeowner after a foreclosure. Many states prohibit deficiency judgments, but Virginia, Maryland and the District of Columbia all allow them. Different states impose different limits on when a lender can pursue a deficiency judgment. But the basic premise is the same.
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A True Deficiency Judgment. The second outcome is that if your property is worth $100,000 but sells for $50,000. The $50,000 difference is called a deficiency, not a deficiency judgment. A deficiency is the difference between the amount you owed on your mortgage and what your lender sold it for at auction.
When you mortgage a property, your name is on the deed but the. and walk away without suffering a deficiency judgment for the difference in what was borrowed and what was paid. If the lender agrees.
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 lenders an unfettered right to seek deficiency judgments after a foreclosure sale.
When a lender forecloses on a mortgage, the debt often exceeds the amount that the lender recovers through the foreclosure sale. In states classified as "non-recourse," the lender cannot seek a judgment against the debtor to recover the deficiency. "Recourse" states allow lenders to seek a deficiency judgment against the debtor.
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And two, it is likely a deficiency judgment will be entered against the two of you. This "deficiency" is the difference between the amount owed on the mortgage (plus costs, interest and attorneys fees.
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A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the.