But under Florida law, if the proceeds of the sale are not sufficient to pay the amount owed on the mortgage, the servicer can seek a deficiency judgment against the borrower, either within the.
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.
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NOTICE OF FORECLOSURE. to Final Judgment of Foreclosure dated the 11th day of July, 2019, and entered in Case No. 18000327 CAAXMX, of the Circuit Court of the 7TH Judicial Circuit in and for PUTNAM.
Soon afterward, the debtor defaulted on the mortgage and the lender commenced foreclosure proceedings in state court. The bankruptcy court granted the lender’s motion for summary judgment.
Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare. mortgages they defaulted on.
Deficiency judgments can follow a mortgage foreclosure, leaving the former homeowners on the hook for thousands or even tens of thousands of dollars. A "deficiency judgment" is an order by a court making . . . Read More: Deficiency Judgments After Foreclosure: Bankruptcy And Non-Bankruptcy Solutions
Deficiency Judgments: Money Banks Seek After Foreclosure or Repossession.
· Many homeowners think that the mortgage contract is a simple one: If they no longer pay their mortgage bills, their lenders will take possession of their homes. That does happen. But consumers rarely consider that they might one day face a deficiency judgment. Such judgments weren’t much of an issue in the days when housing prices were soaring.
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· Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there’s a second mortgage or other liens.
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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.