After the foreclosure: deficiency judgments and Taxes If you are facing foreclosure, or have lost your home through foreclosure, you might still owe your mortgage lender money after the sale. This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a "deficiency."
It is mostly a lien placed on the debtor for further money. BREAKING DOWN Deficiency Judgment Associated mostly with mortgage foreclosures, the legal principle of a deficiency judgment could apply to.
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Because deficiency laws are complex and vary from state to state, consider talking to a knowledgeable attorney in your area to learn whether you may be on the hook for a mortgage deficiency. A Bankruptcy Discharge Can Eliminate Your Deficiency Judgment. In general, a mortgage deficiency judgment is treated like any other general unsecured debt.
What is a Deficiency Judgment? A deficiency judgment is a court judgement that is issued when a borrower takes out a loan and is unable to pay the full amount that is owed at the time of sale. By way of example, let’s say a borrower buys a home for $500,000 and takes out a loan (mortgage) for $400,000.
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A deficiency judgment obtained by a creditor in court can be used to force borrowers to pay the difference between the amount of money collected in a short sale — or a sale after a foreclosure — and.
Before they issued a 1099c for your forgiven amount. However, I understand that these 1099c are not being issued any longer. Does this mean that deficiency judgment is assumed? Also, does Michigan have anti-deficiency laws? If the mortgage is for the purchase of a dwelling occupied by the purchaser, is the purchaser not responsible for any.
Q. What exactly does a deficiency waiver mean? A.A waiver of deficiency means that the mortgage company has agreed not to sue you for the unpaid balance that may remain after the home is sold (whether via a foreclosure sale, short sale or deed in lieu of foreclosure).
I, II, and III (When a borrower defaults the lender and borrower may always mutually agree on a resolution. The lender also has the right to foreclose and if the sale does not produce sufficient proceeds they may be able to pursue the borrower for a deficiency judgment.)