Sentences with phrase «deficiency judgment amount»

Not exact matches

Creditor may then be entitled to a deficiency judgment of $ 10,000, the difference between the value of the car and the amount owed.

It is signed by a judge and is calculated as follows: deficiency judgment = market value of the house - amount owed

«No judgment shall be rendered for any deficiency under a note secured by a first deed of trust or first mortgage for a dwelling of not more than four units, in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage.

The lender may also impose additional conditions requiring that you agree to submit to a deficiency judgment or sign a note for the deficient amount.

If passed, it would reduce the amount of time a lender can pursue a deficiency judgment.

A potential downside is that if the sale of the collateral does not cover the amount due, the lender can go to court and obtain a deficiency judgment requiring the borrower to pay off the difference.

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.

A foreclosure can add to your financial problems if your state allows a deficiency judgment, which means the borrower owes the difference between what is owed on the foreclosed property and the amount it eventually sells for at an auction.

A judgment of judicial foreclosure may be preferred by a credit in favor of a foreclosure of a mortgage or deed of trust to secure a «deficiency judgment» for any amount still owed by the debtor after the foreclosure sale.

Avoid a deficiency judgment — Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.

A deficiency judgment is a judgment obtained by the lender in court against the borrower for the difference between the unpaid balance of the secured debt and the amount produced by sale or the fair market value of the security, whichever is greater, in a judicial foreclosure.

In a foreclosure, the «deficiency» is the amount that is awarded to the lender on the final judgment, which includes not only the remaining principal due to your lender, but also attorneys» fees, court costs, interest and the like, minus the actual market value.

They are going to have a «deficiency judgment» against them if it does not sell for the amount of the lien.

This in turn affects the amount of the deficiency judgment the lender may pursue against the borrower related to the unpaid balance of the note.

Some states limit the amount owed in a deficiency judgment to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower.