deficiency judgment

The benefit to them is that they will have no deficiency judgment."

The key is the state's rules around deficiency judgments.

Both foreclosures and deficiency judgments have a negative impact on your future credit.

The bankrupt person's house will be sold but there can be no deficiency judgment.

Lender's ability to pursue deficiency judgment may be restricted by state laws.

If you owe more than your property is worth, a deficiency judgment is pursued.

In other states, like Texas, lenders can and have sought deficiency judgments, but the judge sets the amount based on a new appraisal.

In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor.

In other jurisdictions, the borrower remains responsible for any remaining debt, through a deficiency judgment.

You'll probably have to pay a deficiency judgment.'

Arizona has protections for borrowers against deficiency judgments.

A deficiency judgment is a court judgment that is a public record of the amount owed and by whom.

Without that compromise the lender could sue for a "deficiency judgment" - the right to collect the remaining amount as a personal debt.

I can truthfully affirm that my last thoughts were of trust deeds, receivers in equity, and deficiency judgments.

Deficiency judgments can be used to place a lien on the borrower's other property that obligates the mortgagor to repay the difference.

States that follow the lien theory of mortgages require judiciary foreclosure procedures, but allow deficiency judgments against the debtor.

"Up to now, we haven't pursued these deficiency judgments," Mr. Demery said.

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.

Pickles sought recission and Messerly sought a deficiency judgment.

In California, lenders cannot win deficiency judgments on loans used to buy homes, but they can seek such judgments on refinance loans.

States that follow the title (trust-deed) theory of mortgages typically allow non-judicial foreclosure procedures, which are fast, but do not allow deficiency judgments.

In his veto message, Governor Clements said: "This bill has the potential to result in numerous lawsuits and further delay the collection of deficiency judgments.

"He's the only person who bought a lot of property in Southern California who had deficiency judgments against him," Ms. Piel said fondly.

Should the bank sell the unit for less than what it is owed, it will generally get a deficiency judgment that holds the original owner responsible for the balance.

In general, all states allow some form of deficiency judgments in the case of a defaulted secured debt, but the lender has to go to court to exercise this right.