Sentences with phrase «suing on the deficiency»

If you need to sue on the deficiency as well, we've got you covered.

Not exact matches

After the personal liability is eliminated, secured creditors can enforce their liens through repossession if you default on the loan, but they can not sue you for any deficiency.

If you sign a reaffirmation agreement, you take that personal liability back on and allow the creditor to sue you for any deficiency if you default on the loan.

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

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.

CON (reasons for not signing) • If you default on the loan, you'll lose the collateral PLUS you can be sued for a deficiency if the collateral is worth less than the balance on the loan.

Unlike first mortgages, second mortgages or home equity lines are recourse notes - that is, the lender can assess a deficiency against a borrower, and the second mortgage holder can sue the borrower on the note.

As reported in the written decision of the Law Society Hearing Panel (which decision is under appeal by the applicant), the applicant threatened to sue the other board members for defamation after he was removed as President of the condo corporation and a notice of his removal was posted; circulated a letter (under a false name) on some floors within the building that falsely stated that some of the board members had previously gone bankrupt, had criminal convictions and were accepting bribes and free meals from the developer of the condominium to settle deficiencies with the developer; made a derogatory remark about some of the residents based on their ethnicity; threatened to report some of the directors to US / Canada border officials, falsely alleging that they were drug smugglers; threatened both the corporation's property manager and security services firm that their contracts with the condo corporation would be in jeopardy if they did not provide a character letter to the applicant.

If the lender plans to sue you for deficiency (the difference between the home's selling price and what you still owe on the mortgage) you must also get 21 days» notice.