This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a "deficiency." Whether your lender can go to court and get a judgment for the deficiency, and then collect it, depends on state law. Below you can find the law on deficiencies in each of the 50 states.
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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.
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.
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.
A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.
702.01 Equity. – All mortgages shall be foreclosed in equity. In a mortgage foreclosure action, the court shall sever for separate trial all counterclaims against the foreclosing mortgagee. The foreclosure claim shall, if tried, be tried to the court without a jury.
the mortgage foreclosure deficiency judgment is entered or be barred. (3)If a mortgage foreclosure deficiency judgment was entered before January 1, 1990, on property devoted primarily to agricultural use, as defined in s. 91.01 (5), an action on the defi-ciency judgment shall be commenced within 2 years after October 14, 1997, or be barred.
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