What Is A Mortgage Deficiency Judgment?

But otherwise, many mortgage companies don’t go after the balance still due. For one thing, deficiency judgments are not automatic. Rather, the lender would have to go back to court, obtain a judgment.

For a nice write-up on deficiency judgments please consider the Wall Street Journal article House Is Gone but Debt Lives On. Joseph Reilly lost his vacation home here last year when he was out of work.

And if the couple chooses to make their problem the bank’s problem, they risk being sued by the bank for a deficiency judgment. and all over California. Strategic default is a willful violation of.

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.

A deficiency judgment is a judgment lien against a borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. Deficiency judgments are limited to the fair market value of the property less the unpaid balance of the loan that was foreclosed.

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Waiver of Deficiency. Other documents, such as lien releases, do not qualify as a waiver of deficiency. If you also have a home-equity loan or any type of second mortgage, you will need letters from those lenders stating the deficiency is waived. Warning – lenders are not under any obligation to waive a deficiency.

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.

At its most basic, a deficiency judgment is a procedural tool that allows a secured creditor who sells collateral for less than the total amount owed on a loan to collect the difference (the deficiency)

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