Deficiency Judgment Allowed

Posted by Reinstatement Services, Inc. on November 24, 2004 at 10:28:20:

In Reply to: possible foreclosure in Iowa? posted by katt on November 23, 2004 at 15:28:20:

Since your state does allow lenders to continue collection of an outstanding debt via the granting of a deficiency judgment, it would probably be in your best interest to resolve the situation with your first house so as not to further jeopardize the standing of your second dwelling. A deficiency judgment in a foreclosure action within your state has a 2 year statute of limitation.

Have you considered renting the property?

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Comments:
: Since your state does allow lenders to continue collection of an outstanding debt via the granting of a deficiency judgment, it would probably be in your best interest to resolve the situation with your first house so as not to further jeopardize the standing of your second dwelling. A deficiency judgment in a foreclosure action within your state has a 2 year statute of limitation.

: Have you considered renting the property? 


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