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· One of the recurring topics in mortgage foreclosure appeals is whether the trial court properly entered a personal deficiency judgment against the borrowers or guarantors of a loan. Although dependent on the fluctuation of property values, it is not uncommon for a deficiency to result from the judicial sale of a foreclosed property.
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 some jurisdictions, the original loan(s) obtained to.
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Lenders beware: if a complaint for mortgage foreclosure seeks a personal deficiency judgment against a borrower based on the borrower’s obligations under a note and mortgage, be certain to obtain the right to a personal deficiency judgment in the foreclosure judgment and a personal deficiency judgment in the order confirming sale.
MASTER IN EQUITY’S SALE 2018-CP-08-00340 BY VIRTUE of a decree heretofore granted in the case of: Reverse Mortgage Solutions. A personal or deficiency judgment being expressly waived by the.
Banks employ what is called a deficiency judgment to collect the debt. a Columbus lawyer whose firm handles foreclosure cases. Guy Cecala, chief executive and publisher of Inside Mortgage Finance,
Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there’s a second mortgage or other liens.
TAGS: commercial property, debt, deficiency, foreclosure, judgment, lender, mortgage, real estate SHARE: A mortgage judgment in Florida does two things – it sets the amount owed to the lender, and it orders the sale of the mortgaged property and applies the proceeds to pay down the debt.
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The lien was further assigned to Federal National Mortgage Association (hereinafter “FNMA. by Seterus Inc. as servicing agent for FNMA to initiate a non-judicial foreclosure, pursuant to the.
A deficiency judgment usually occurs when the foreclosure sale price does not satisfy the outstanding mortgage balance, the lender sues the borrower for the difference and "wins." For example, let’s say that a house with a mortgage balance of $500,000 is sold for $300,000 at foreclosure.