Sentences with phrase «deficiency balance owing»
In general, if a cash contribution is required your lender will waive any deficiency balance owing on the mortgage.
https://www.arklawgroup.com/ Not exact matches
If the lender reports a negative balance, or deficiency, for the difference between the amount owed on the loan and the amount the lender recovers at the foreclosure auction, the impact on credit is worse.
GAP covers the deficiency balance between the market value plus the insurance deductible (up to $ 1,000) ** and the loan balance you still owe.
If the lender sells the car to recoup losses, it will be for much less than what you owe and you'll end up with owing the lender a deficiency balance.
The bank will typically report a deficiency balance (the difference between what you owed and what the house sold for at auction), whether the debt is actually owed or not.
As a result, they are being forced to short sell or foreclose and are getting caught up in deficiency judgments «After the banks foreclose, it's very common now to have large deficiencies with houses not worth the balances owed,» said Don Lampe, a North Carolina real estate attorney.
The deficiency balance is the amount that is still owed on the contract after the car, house, or other collateral goods has been surrendered.
There could also be some tax ramifications so be sure to check with a tax specialist.With a short sale, the bank agrees to accept less than the balance owed and MAY forgive any deficiency — also, you keep ownership of the property.
Does this mean that the «deficiency balance» is all that I have left owed for my first mortgage?
I received a letter from Strategic Recovery Group saying the proceeds from the foreclosure sale did not satisfy the entire amount owed and that a deficiency balance remains due.
When a borrower defaults on a mortgage loan in Virginia, the lender usually has a right to pursue the borrower for a deficiency — the amount still owed on the loan after the net proceeds of the foreclosure sale have been applied to the loan balance.
Besides possibly owing a deficiency balance, having less - than - stellar credit and maybe owing the IRS back taxes, you may not qualify for an FHA, Fannie Mae or Freddie Mac mortgage on any terms.