A deficiency judgment on a foreclosure is a court order making the debtor personally liable for the outstanding debt of a home mortgage. A lender can also initiate action against a debtor in a short sale or deed in lieu of foreclosure. Deficiency judgments in Ohio. Individual state law governs deficiency actions.
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Even when you lose your home through foreclosure, that doesn’t necessarily mean you can’t be sued for any remaining mortgage balance. Lenders may try to obtain a court order known as a deficiency.
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Whether your lender can go to court and get a judgment for the deficiency, and. foreclosure, you might still owe your mortgage lender money after the sale.
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Your odds of qualifying for a mortgage increase if you apply for a joint loan with another person. Unlike a co-signer, who merely guarantees to repay the loan in the event you default, a co-borrower.
Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale.
Because deficiency laws are complex and vary from state to state, consider talking to a knowledgeable attorney in your area to learn whether you may be on the hook for a mortgage deficiency. A Bankruptcy Discharge Can Eliminate Your Deficiency Judgment. In general, a mortgage deficiency judgment is treated like any other general unsecured debt.
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A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law.
In a non-recourse mortgage state, borrowers are not held. from seeking a deficiency judgment after foreclosure.
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Deficiency Judgement in Nevada In the state of Nevada, if you undergo a foreclosure and it does not sell for as much as the remaining balance of your mortgage.