If you, like many borrowers in foreclosure, have no income or assets that your lender can seize with a deficiency judgment, you’re considered "judgment proof," and your lender probably won’t sue you for the deficiency. How Deficiency Judgments are Collected. A deficiency lawsuit is like a lawsuit to recover an unsecured debt-such as.
Can the mortgage insurance company (PMI) get a deficiency judgment against me for foreclosing my house? WE A NSWER: Even when you foreclose on your house because you are unable to continue with the payments or are declared bankrupt, the mortgage insurance company may still try to go after you by initiating a deficiency judgment.
This article explains the ways a mortgage lender can collect a deficiency judgment. (Learn more about deficiency judgments after foreclosure.) Judgment Liens. The mortgage lender can get a judgment lien against your personal property and other real estate that you own within the county, giving it a security interest in that property. This means the bank can foreclose on that other real estate-it might do this if you have equity and the bank thinks it’ll get enough money to make the effort.
In general, Arizona has been an “anti-deficiency” state when it comes to mortgages on one- and two-family homes on 2.5 acres or less. That means if you default on your mortgage, you can walk away.
A mortgage deficiency waiver frees you of the burden of having to pay back the rest of your mortgage in the event your house sells through a short sale. Otherwise, you may end up having to pay the mortgage off even though you took less for your home and may not be able to afford to do so.
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And if the couple chooses to make their problem the bank’s problem, they risk being sued by the bank for a deficiency judgment. and all over California. Strategic default is a willful violation of.
I do not know the laws in North Carolina. I do know, however, that in 36 states (and in the District of Columbia) mortgage holders can pursue borrowers for what is known as a deficiency judgment.