Re: has anyone received a deficiency judgement ??
Posted by Jim V on July 31, 2007 at 20:05:49:
In Reply to: has anyone received a deficiency judgement ??
Posted by jt on July 30, 2007 at 19:19:04:
jt,
I haven't received a deficiency judgment, but there are some different thoughts on how often a lender can/will seek a deficiency.
In some states, it's difficult for a lender to seek deficiency due to the foreclosure process in those states. Without knowing which state your property is in, it's impossible to say what might be expected for you.
If the borrower has a verifiable hardship that has caused the foreclosure and the borrower does not have any other assets, it's unlikely a lender will seek a deficiency. There's not much point for them to spend the money to obtain deficiency when the borrower is effectively judgment proof.
If, however, the borrower has suffered a drop in property value, has assets and income, but just doesn't want to keep paying the note, then the lender might think it's justified to attempt recovery of some of their losses.
As with most everything dealing with foreclosure, each situation is totally different.
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- Re: has anyone received a deficiency judgement ?? - Jane 12:27:29 08/06/07
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