Banks usually have four years in which to file a deficiency judgment, but they can sell it to a third-party collection agency – "and the collection firms can chase you down for 20 years," Davis said.
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Are Deficiency Judgments Common? Because of the time and cost involved in seeking a deficiency judgment, as well as the fact that most debtors who have lost a home in foreclosure are "judgment proof" (that is, they have no assets that the lender can take to collect on the judgment), lenders sometimes choose not to seek a deficiency judgment.
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What Is a Deficiency Judgment? A deficiency is measured by the difference between what you owed on the mortgage (including all court costs and attorneys fees) and the amount recovered by the lender by.
"Just because they don’t have the money to pay the entire mortgage, doesn’t mean they don’t have enough for a deficiency judgment," said florida foreclosure defense attorney michael wayslik. Advocates.
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Real property can be sold under a power of sale in a mortgage deed or trust that is in default, but the lender is unable to obtain a deficiency judgment.
A "Deficiency Judgment" refers to the amount of money still owed on your mortgage after a short sale, deed in lieu of foreclosure or your decision to walk away from the mortgage. The remaining amount plus collection costs, attorney’s fees and interest make up the deficiency balance and once the bank obtains a judgment for that balance.
Can bankruptcy help me to eliminate a deficiency judgment after. If your mortgage holder forecloses on your home, or your car lender.
Lenders are coming after homeowners, years after foreclosure, demanding deficiency judgments to collect the rest of the unpaid mortgage debt.
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If the property and mortgage are in your name. Be forewarned, though, that if you live in a state which allows deficiency judgments, the lender — or a collection agency which buys outstanding debt.
Instead of buying ready-made deficiency judgments, it buys banks' soured mortgages and goes to court itself to get judgments for debt that.
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