Mortgage Foreclosure Deficiency Judgment
A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collections.
(1) In uncontested mortgage foreclosure proceedings in which the mortgagee waives the right to recoup any deficiency judgment, the court shall enter final judgment within 90 days from the date of the close of pleadings. For the purposes of this subsection, a mortgage foreclosure proceeding is uncontested if an answer not contesting the.
"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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A deficiency judgment usually occurs when the foreclosure sale price does not satisfy the outstanding mortgage balance, the lender sues the borrower for the difference and "wins." For example, let’s say that a house with a mortgage balance of $500,000 is sold for $300,000 at foreclosure.
(a) If a mortgage entered after March 22, 1986, on property used in agricultural production is foreclosed and sold, a deficiency judgment may only be obtained by filing an action for a deficiency judgment and a determination of the fair market value of the property within 90 days after the foreclosure sale.
If you are in danger of losing your home to foreclosure, you might consider a short sale to get out of the situation. If that is your plan, make sure that your lender issues a waiver of deficiency on the amount you still owe on the mortgage. Otherwise, you are still not free of some of the burden of the mortgage on a.
Taking deficiency judgments in foreclosure By Stephen J. Butler The Illinois Mortgage Foreclosure Law, 735 ilcs 5/15-101, et.seq. , ("IMFL") allows for entry of a personal deficiency judgment against a borrower when the lender does not receive all amounts due it from the foreclosure sale of the property.
It is difficult to classify states as strictly recourse or non-recourse. Almost all states allow deficiency judgments under certain conditions, for certain types of property or foreclosure proceedings. However, many states restrict not only the conditions under which deficiency judgments are allowed but the maximum recovery for the creditors.