Sentences with phrase «judgment after foreclosure»

In the example above, filing for bankruptcy would prevent the mortgage lender from seeking a deficiency judgment after foreclosure, the remaining mortgage balance would be discharged.

Borrowers holding a portfolio of underwater investment properties will see their tax bill skyrocket in the event they successfully negotiate a short sale, deed in lieu of foreclosure or forgiveness of deficiency judgment after foreclosure.

In such a situation, the legislature has prohibited the seller / lender from seeking a deficiency judgment 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.

I'm afraid my lender will sue me for deficiency judgment after the foreclosure sale and my personal property will be attached.

Borrowers who are left facing a large deficiency judgment after foreclosure often turn to bankruptcy in order to protect their assets.

Texas law allows lenders to pursue deficiency judgments after foreclosure A deficiency judgment arises when the proceeds from a foreclosure sale fail to satisfy the outstanding mortgage balance, and a lender wins a lawsuit seeking payment of the difference.

Not exact matches

This undesirable outcome is known as a «deficiency judgment,» and it can occur after both short sales and foreclosures.

After our meeting, my office searched for the bank responsible for keeping the property and we discovered a gray area in New York State law — once a property entered into a judgment of foreclosure and sale, the law did not clarify the person or party responsible for maintaining it.

1Cosigner Release allowed if an account is in current standing, after 36 months of consecutive and on — time payments with a borrower FICO greater than 699 and minimum income requirement of $ 30,000 for loan balances up to $ 100,000, and income requirement of $ 50,000 for loan balances over $ 100,000 with no foreclosures, repossessions, wage garnishments, unpaid judgments or other public records having an open balance exceeding $ 100 during the last 7 years.

3 Cosigner release allowed if an account is in current standing, after 24 months of consecutive & on — time payments with a borrower FICO > 749 for EDvestinU Private Student Loans and minimum income requirement of $ 30,000 with no foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments or other public records having an open balance exceeding $ 100 during the last 7 years.

In many cases, this deficiency judgment is a tough pill to swallow for the borrower who just lost their home and yet still owes their lender after foreclosure.

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.

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.

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.

Most of the time doing a Wellington short sale is better than having a foreclosure against you and the judgment that the banks are entitled to after the foreclosure.

Comments Off on Florida Short Sales and Florida Foreclosure Defense Deadline for Tax Benefits is Now December 31, 2013 After Fiscal Cliff Legislation Signed Into Law Today Tags: Bank of America Foreclosures, BofA Foreclosures, Deficiency Judgments, Florida Real Estate Foreclosures, Foreclosure Help, Foreclosure Settlement, House foreclosure, Mortgage foreclosure, Short Sale Counseling, Underwater Mortgage

With a sherriff's (trustee's) sale foreclosure, the lender can not go after a deficiency judgment.