What Is A Mortgage Deficiency Judgment?

Deficiency Judgment Sample Clauses. under the power of sale granted by this Mortgage are insufficient to pay in full all of the obligations secured hereby.

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Can the mortgage insurance company (pmi) get a deficiency judgment against me for foreclosing my house? WE A NSWER: Even when you foreclose on your house because you are unable to continue with the payments or are declared bankrupt, the mortgage insurance company may still try to go after you by initiating a deficiency judgment.

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.

That means mortgage companies have recourse; they can recover the deficiency from the homeowner, even after the house is lost to foreclosure sale. Illinois is also a judicial foreclosure state. That means mortgage companies must go to court, receive a judgment, and hold an auction in order to foreclose on a homeowner’s property.

If the home sells for $400,000 and your state allows lenders to collect deficiency judgments, you will owe your lender $100,000 once they obtain a judgment for the deficiency. In many cases, this deficiency judgment is a tough pill to swallow for the borrower who just lost their home and yet still owes their lender after foreclosure.

Another factor of pursuing a deficiency judgment is whether or not PMI (private mortgage insurance) is involved. Borrowers with less than 20% down are typically required to pay PMI. If PMI is involved, a lender will look to collect from the insurance company to be made whole.

A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in full.

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.

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