You asked for a chart comparing state mortgage laws as to (1). “recourse” states allow lenders to seek a deficiency judgment against the.
If the lender plans to pursue a mortgage deficiency, it will bring a lawsuit against you after the sheriff’s sale. Winning the lawsuit gives the lender a civil judgment that California law allows it.
If you have the most common kind, a government insured hecm mortgage loan, there can be no deficiency. This is because the loan is a non-recourse loan. In most loans, the bank has the right to pursue.
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An example of a Deficiency Balance Consider a deficiency balance in the example of a short sale. john and Mary own a home with a remaining mortgage balance of $250,000. contacts an attorney and.
· Arizona: No deficiency judgment on a purchase money mortgage for one- or two-family properties on less than two and a half acres. A deficiency may be allowed if a court decides the owners committed waste.
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A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed. For purposes of calculating the amount of deficiency liability, the foreclosed property "value" is the fair market value on the date of the foreclosure sale auction.
A "Deficiency Judgment" refers to the amount of money still owed on your mortgage after a short sale, deed in lieu of foreclosure or your decision to walk away from the mortgage. The remaining amount plus collection costs, attorney’s fees and interest make up the deficiency balance and once the bank obtains a judgment for that balance.
Louisiana law review volume 69|number 4 Summer 2009 Deficiency Judgments: A Louisiana Overview Michael H. Rubin Jamie D. Seymour This Article is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons.
· What Are Mortgage Deficiency Judgments? On behalf of Schwartz Bankruptcy Law Center posted in Bankruptcy on Tuesday, March 1, 2016. As a homeowner that has fallen into great financial difficulty, you may find that you are faced with a foreclosure on your home.