Sentences with phrase «deficiency judgment on»

However, in Illinois, the mortgage company can seek a deficiency judgment on a short sale.

A deficiency judgment on your credit indicates you still owe the lender money after the home is sold.

California judges do not issue deficiency judgments on purchase mortgages for primary residences.

California judges do not issue deficiency judgments on purchase mortgages for primary residences.

Not exact matches

A 2012 PCAOB inspection report of KPMG deficiencies cited its failures to question management judgment, including failure to test management's assumptions on loan loss reserves.

Finance experts retained by the state modeled their practices after those of the Food and Drug Administration, Air Traffic Control Administration, and Veterans Administration, all of which have relied for years on professional judgment panels when faced with information deficiencies.

If the debtor defaults on payments after signing a reaffirmation agreement, the creditor will have the right to sue for a deficiency judgment.

A chapter 7 bankruptcy may completely discharge unsecured debts including credit card debt, medical bills, personal loans, judgments resulting from car accidents and deficiencies on repossessed vehicles or foreclosures.

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.

If, on the other hand, you're one of the millions of Americans who find themselves underwater on their home values, and your mortgage has become a financial albatross that you can no longer afford to carry, filing for bankruptcy gives you the right to surrender the property and walk away with no liability for a deficiency judgment.

This change will be welcomed by bankruptcy lawyers whose clients are trying to go on with their life and repair their credit scores, only to be hit again with a deficiency judgment five years later.

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.

Only when a home is «underwater» — meaning the borrower owes more on the mortgage than the home is worth — will he or she potentially face a deficiency judgment after a foreclosure.

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.

He can hold you financially responsible for his losses and seek a deficiency judgment that will appear on your credit report even if you don't have the money to pay it.

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.

For example, if you've lost investment property to foreclosure and a deficiency judgment has been entered against you, a subsequent lien on your primary residence may remain even after the bankruptcy.

Although judgment liens that impair an exemption can usually be avoided (removed) by motion in a bankruptcy case, Courts are split as to whether a deficiency judgment that results in a lien on real estate can be removed through bankruptcy.

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.

If the sale price is less than what is owed on the mortgage, a deficiency judgment results.

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

The Court of Appeal for Ontario reversed the decision of the motion judge and granted summary judgment for rescission in favour of the franchisee purchaser, Mendoza, based on the disclosure deficiencies in AGR's disclosure document.

If counsel feels at the end of a judgment that the judge has failed to deal with a material part of the case, it is counsel's responsibility to point out the deficiency and request clarification or a supplemental judgment on the issue.

judgment which focused on the existing legislation or, rather, its deficiencies.

It is typical to not have the possibility of deficiency judgments with owner occ but the law requires them on the trust deeds used on investment properties.

It is really a business decision for the lender to determine whether it would receive more money by accepting the Farmington Short Sale, or completing a foreclosure, reselling the property, and pursuing personal liability (i.e., deficiency judgment against the borrower and / or claims against guarantors, for loans on which those remedies are available.)

It is really a business decision for the lender to determine whether it would receive more money by accepting the St Paul Central Short Sale, or completing a foreclosure, reselling the property, and pursuing personal liability (i.e., deficiency judgment against the borrower and / or claims against guarantors, for loans on which those remedies are available.)

The challenge you face in terms of advising a client to go through with a short sale or doing a deed - in - lieu of foreclosure is that the owner may have both recourse and nonrecourse loans on the same property, which means one or more loans may be subject to deficiency judgments while other loans on the property are not.

It is really a business decision for the lender to determine whether it would receive more money by accepting the Minnesota Short Sale, or completing a foreclosure, reselling the property, and pursuing personal liability (i.e., deficiency judgment against the borrower and / or claims against guarantors, for loans on which those remedies are available.)

Is there a deficiency judgment reported on your credit report.

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.

It is really a business decision for the lender to determine whether it would receive more money by accepting the St Louis Park Short Sale, or completing a foreclosure, reselling the property, and pursuing personal liability (i.e., deficiency judgment against the borrower and / or claims against guarantors, for loans on which those remedies are available.)

It is really a business decision for the lender to determine whether it would receive more money by accepting the St Paul Daytons Bluff Short Sale, or completing a foreclosure, reselling the property, and pursuing personal liability (i.e., deficiency judgment against the borrower and / or claims against guarantors, for loans on which those remedies are available.)