After getting credit for fair market value, any additional amount still owed is known as the deficiency, also called a deficiency after foreclosure. For example, if the total amount owed on the mortgage is $250,000, and the fair market value of the property is $200,000, the deficiency would be $50,000.
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Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale. This article explains the ways a mortgage lender can collect a deficiency judgment.
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Some states, however, require the bank to file a separate lawsuit to recover the deficiency. With a nonjudicial foreclosure, the bank must sue the borrower following the foreclosure to get a deficiency judgment. Many of the states that allow banks to seek deficiency judgments limit the amount that banks can recover to the difference between the outstanding loan amount and the home’s fair market value.
Deficiency judgment 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.
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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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.
In general, a mortgage deficiency judgment is treated like any other general unsecured debt (such as medical bills) in bankruptcy. This means that whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, once you receive your discharge your personal liability for a mortgage deficiency will be wiped out.