Period. To obtain a deficiency judgment, lender must use the judicial foreclosure process. Unclear what your lenders did. 3. Deficiency judgments on purchase money loans are generally prohibited in California. If your mortgage was one of those 80/20, where the entire amount went to the purchase, then no deficiency.
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This happens when the foreclosure sale doesn’t bring in enough money to pay off your debt. The difference between the sale price and the debt is called a "deficiency." In most residential foreclosures in California, the foreclosing lender can’t go after the borrower for the deficiency.
Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments If the vehicle was repossessed and the lender was not able to recoup what you owed on it, they may ask for, and be granted, a deficiency judgment. If you owed $10,000 and they were only able to sell your car at auction for $5,000, you may be stuck with a deficiency.
A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collections. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.
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Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments Deficiency Judgments After Foreclosure in California | Nolo – Say the total debt owed on the first mortgage is $700,000, but the home sells for $650,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment, which is.
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Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments There are Only 3 Ways to Get Rid of a Judgment – Fitzgerald. – If you are going to pay a judgment, you absolutely must ensure it will, in fact, be paid off and a Satisfaction of Judgment will be filed.
Car Loan Debt: How to Handle the Deficiency Judgment Sep 14 2017 It’s a sad day (or night) when you realize your car has been repossessed due to insurmountable car loan debt, with the next step on the lender’s checklist being a deficiency judgment against you.