What Is A Mortgage Deficiency Judgment?

How long does a mortgage company have, to file a deficiency judgment in Texas? How long does a mortgage company have to file a deficiency judgment in Texas? If they do not file the deficiency judgment.

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Your odds of qualifying for a mortgage increase if you apply for a joint loan with another person. Unlike a co-signer, who merely guarantees to repay the loan in the event you default, a co-borrower.

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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 usually occurs when the foreclosure sale price does not satisfy the outstanding mortgage balance, the lender sues the borrower for the difference and "wins." For example, let’s say that a house with a mortgage balance of $500,000 is sold for $300,000 at foreclosure.

What happens with my home equity loan if I stop paying the mortgage? -Dan DEAR DAN: My answer must be general, because state laws differ in this area. Some states allow lenders to go after what is.

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 collection. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.

A Bankruptcy Discharge Can Eliminate Your Deficiency Judgment. 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. But keep in mind that if the mortgage lender has already placed a lien on any of your other property, your discharge.

A deficiency judgment is a judgment against Barry’s estate for the difference between what the lender is able to unload the home for after its foreclosure and the sum of the outstanding debt, accumulated interest, attorneys fees and costs of the transaction.

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