Re: Deficiency judgement

Posted by Julio Martinez-Clark on April 28, 2008 at 19:28:37:

In Reply to: Deficiency judgement posted by Jack on April 28, 2008 at 18:12:55:

Jack,

I research the topic of mortgage foreclosure extensively, and I still haven't seen a study on
the frequency/probability of their occurrence. To my knowledge there is no data that I have
come across about statistics on this issue.

Individuals are contractually obligated to pay whatever they agreed to borrow from their
lenders. A lender, If allowed by state law, could potentially obtain a mortgage deficiency
judgment against an individual whose property doesn't satisfy the debt at a foreclosure
sale. It's up to the lender decide to do it or not. Nobody on this discussion board on in any
other one can exactly tell you if your lender will pursue and collect a mortgage deficiency
judgment against you. It hasn't been common in the past in the case of foreclosing
lenders, however that doesn't mean that it cannot happen in the future.

In my view, if the borrower/debtor is liquid, has unprotected/exposes assets, the
probability of a creditor to go after him/her increases. It's my view that any
borrower/debtor who defaults on a promissory note must be on the defensive and must
assume that his/her creditor(s) will do anything under the law to collect on their
indebtedness. Debtors/borrowers must implement asset protection strategies.

Please read my real estate articles in my blog. They will answer many of your current and
future questions.

I hope this helps,

Julio Martinez-Clark

Follow Ups:


Name    : 
E-Mail  : 
Subject : 

Comments:

 

      The "Reply" function is disabled for older messages.
Please visit the Foreclosure Discussion Board for current discussions.