What Is A Mortgage Deficiency Judgment?

Banks who have made mortgages in North Carolina are allowed to seek deficiency judgments against borrowers. 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.

A deficiency judgment is levied against an individual who has gone into foreclosure and still owes money on his mortgage. If the house is sold and there is still a balance left over, the lender could potentially sue the homeowner for the extra money. If the judgement is successful, the individual will have to come up with the additional money to pay the lender.

A True Deficiency Judgment. The second outcome is that if your property is worth $100,000 but sells for $50,000. The $50,000 difference is called a deficiency, not a deficiency judgment. A deficiency is the difference between the amount you owed on your mortgage and what your lender sold it for at auction.

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Satisfied Judgments. A satisfied judgment may continue to appear on your credit report for seven years, but a satisfied judgment is much less damaging than an open one. You probably won’t get the best interest rate and may need a larger down payment, but getting a.

Deficiency Collections Overview In the unfortunate circumstance when a borrower is unable to resolve his or her delinquency and avoid foreclosure through loss mitigation options, including a modification, short sale, or Mortgage Release solution, the loan will go through the foreclosure process. When the proceeds from the sale of the underlying

Deficiency judgment: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.

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A deficiency judgment means a lender can go after your other assets if the company forecloses on the property and resells it for less than you owe on the mortgage. So if you owe the lender $400,000,

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 · Deficiency Judgment: Do You Have A Deed of Trust or a Mortgage? There are two kinds of foreclosures: Deed of Trust Foreclosure or a Judicial Foreclosure if you.