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Posted by steele in minnesota on September 25, 2005 at 14:00:04:
In Reply to: Deficiency judgement posted by D.J. on September 24, 2005 at 20:57:15:
: The sheriff sale took place took place two months ago. The bank bought the house back for less than what is owed. How can I avoid a deficiency judgement? When will they try to sue me or ganish my wages/assets? Appreciate any replies. Chicago,Illinois
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Typically such judgements are based on the bank selling for less than what is owed them and charging you the difference. That they bought it at sale for less is somewhat odd. Usually there is an opening bid that is set ahead of time. Perhaps what is owed is less than first expected and that allowed for a smaller opening bid.
Sounds odd.
Steele in Minnesota
