deficiency judgments stem from the fact the borrower defaulted on a promissory note, not the mortgage. A promissory note is a promise to pay. It can also create personal liability, depending on state laws. Personal liability means the lender can go after the borrower’s assets for failure to pay a loan.
DEFICIENCY WAIVER. If a homeowner is going through a foreclosure, or is in the process of attempting to "short-sale" his or her home, a lawyer can be retained to negotiate a deficiency waiver with the mortgage company or other lien holders.
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A subsequent mortgage that satisfies the requirements of the applicable recording act has priority over an unrecorded prior mortgage Deficiency Judgment When the bank sues the defaulter for the remaining balance of the loan after the house has been sold
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.
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.
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In early UK company news, grocer J Sainsbury reported improving sales trends and confirmed it will cease new mortgage sales. Leader Jacob Rees-Mogg reportedly said the Supreme Court judgment.
On this issue, we are waiting for the CJEU to issue a judgment in case C125-18, which particularly refers to a Bankia.
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.
Mortgage Florida Last week, the Florida Association of Mortgage Professionals (FAMP) held its annual convention and trade show in Orlando. Primarily geared toward a forward audience, there nevertheless was a reverse.
Another factor of pursuing a deficiency judgment is whether or not PMI (private mortgage insurance) is involved. Borrowers with less than 20% down are typically required to pay PMI. If PMI is involved, a lender will look to collect from the insurance company to be made whole.
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