Sentences with phrase «collect on any deficiency»

Not exact matches

A breach of peace also may give you a legal defense if your creditor sues you to collect a «deficiency judgment» — that is, the difference between what you owe on the contract (plus repossession and sale expenses) and what your creditor gets from the resale of your vehicle.

I've collected on credit cards, utility bills, emergency room debt, auto deficiencies as well as almost any other type debt you can imagine.

On the downside, if the lender eventually sells the home for a price that doesn't pay off the original mortgage amount, he can get a deficiency judgment and try to collect it from you.

If followed properly, you will then be able to pursue the deficiency judgment and collect on the owed debt.

If your lender sells the home for less than the amount you still owe, the lender can go after your assets to collect that «deficiency,» (the difference between what the lender obtained in the sale and what you still owe on your mortgage).

Unfortunately, they are all too often blindsided by a new lawsuit filed against them by their lender that seeks to collect the unpaid balance left on their mortgage after the sales price of the home is deducted (the «deficiency»).