What Is A Mortgage Deficiency Judgment?

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.

Louisiana Law review volume 69|number 4 summer 2009 Deficiency Judgments: A Louisiana Overview Michael H. Rubin Jamie D. Seymour This Article is brought to you for free and open access by the Law Reviews and Journals at lsu law digital commons.

When a lender forecloses on a mortgage, the debt often exceeds the amount that the lender recovers through the foreclosure sale. In states classified as "non-recourse," the lender cannot seek a judgment against the debtor to recover the deficiency. "Recourse" states allow lenders to seek a deficiency judgment against the debtor.

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Banks who have made mortgages in North Carolina are allowed to seek deficiency judgments against borrowers. The lesson to be learned is that if you owe more on your mortgage than your house is worth and the property is in a state that allows lenders to seek deficiency judgments, you may still owe money even after foreclosure.

What is a Deficiency Judgment? New Jersey is a "recourse state" in mortgage law, permitting lenders recourse in the form of a lawsuit to recover the difference between sale proceeds and the balance on the mortgage in the event of short sale, deed-in-lieu, or foreclosure.

When a home forecloses for a lower amount than its outstanding mortgage debt, or its fair market sale price is lower, this is.

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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.

In most states, lenders can sue borrowers to recover the deficiency. If the court awards the lender a deficiency judgment, the lender can use the judgment to garnish the borrower’s wages or freeze the borrower’s bank accounts until the deficiency judgment is paid off. Are Deficiency Lawsuits Allowed in Your State? The laws governing deficiency judgments vary from state to state. Some states give lenders an unfettered right to seek deficiency judgments after a foreclosure sale.

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Another case where a lender is barred from pursuing a deficiency judgment is if the mortgage is a nonrecourse loan. A nonrecourse loan states that the lender’s only remedy for default is to.