An example of a Deficiency Balance Consider a deficiency balance in the example of a short sale. John and Mary own a home with a remaining mortgage balance of $250,000. contacts an attorney and.
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Can the mortgage insurance company (pmi) get a deficiency judgment against me for foreclosing my house? WE A NSWER: Even when you foreclose on your house because you are unable to continue with the payments or are declared bankrupt, the mortgage insurance company may still try to go after you by initiating a deficiency judgment.
With a deed in lieu of foreclosure, the deficiency amount is the difference between the fair market value of the property and the total debt. In Connecticut, a lender can get a deficiency judgment following a deed in lieu of foreclosure. To avoid a deficiency judgment with a deed in lieu of foreclosure, the agreement must expressly state that the transaction is in full satisfaction of the debt.
Louisiana Law review volume 69|number 4 Summer 2009 Deficiency Judgments: A Louisiana Overview Michael H. Rubin Jamie D. Seymour This Article is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons.
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The difference between the sale price and the total debt is called a "deficiency." Example. Say the total debt owed is $400,000, but the home sells for $350,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment, called a "deficiency judgment," against the debtor to recover the deficiency.
A Chapter 7 bankruptcy can completely eliminate the deficiency judgment, but with a Chapter 13 filing a portion of the debt might have to be paid. (See Bankruptcy & Foreclosure: Mortgage Deficiency Judgments for more detail.) In Rem Deficiency Judgments. An in rem deficiency judgment
I just happened to come across your article on when to walk away from a mortgage. So strange as I’ve been dwelling. If the lender chooses to come after you for a deficiency judgement – the.
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Real Estate Q&A: Second Mortgage Comes Back to Haunt Borrower. In a foreclosure, the "deficiency" is the amount that is awarded to the lender on the final judgment, which includes not only the.