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Mortgage Foreclosure Deficiency Judgment

Banks are increasingly pursuing deficiency judgments against former homeowners who lost their homes in foreclosures. Lenders may sue borrowers for mortgage debt that isn’t covered in a foreclosure.

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TAGS: commercial property, debt, deficiency, foreclosure, judgment, lender, mortgage, real estate SHARE: A mortgage judgment in Florida does two things – it sets the amount owed to the lender, and it orders the sale of the mortgaged property and applies the proceeds to pay down the debt.

Almost all states allow deficiency judgments under certain conditions, for certain types of property or foreclosure proceedings. However, many.

The Illinois Mortgage Foreclosure Law, 735 ILCS 5/15-101, et.seq., (“IMFL”) allows for entry of a personal deficiency judgment against a borrower when the.

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When a borrower loses their home to foreclosure and still owes their lender money, your state may allow a lender to collect a deficiency judgment.

Homeowners facing foreclosure now can protect themselves from future deficiency judgments by negotiating with their lenders. Hillard recommends that these owners hire attorneys who can, during foreclosure negotiations, encourage lenders to include provisions, as part of a settlement, stating that they won’t pursue deficiency judgments.

 · Usually, lenders will not seek deficiency judgments in residential foreclosures. In a commercial foreclosure, especially where the borrower is an individual or where there is a personal guarantee of a corporate obligation, a lender may seek such a judgment.

 · The story said that Fannie Mae is one of the more aggressive mortgage companies when it comes to pursuing deficiency judgments. According to the story, Fannie Mae was involved in 595,128 foreclosures from January of 2010 through January of 2012.

A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed. The property value is determined on the date of the foreclosure sale. Personal liability from mortgage debt is a major reason.

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Judicial foreclosure. judgment. In most cases, the court will enter a judgment of foreclosure unless the borrower has a defense that justifies the delinquent payments. Depending on the state, the.

Boca Raton Foreclosure Defense But foreclosure defense attorneys and mortgage industry experts say that. banks can seize assets in other states to fulfill a Florida deficiency judgment, said Margery Golant, a Boca Raton lawyer.