Mortgage Foreclosure Deficiency Judgment

redemption periods and deficiency judgments in other states For this report, we relied on the compilation of state laws in NCLC ‘ s "Survey of State Foreclosure Laws," part of a 2009 NCLC study, "Foreclosing a Dream," written by John Rao and Geoff Walsh.

If the borrower had a non-purchase money junior loan, the junior lender whose security interest gets wiped out in the foreclosure by the first may pursue a deficiency judgment or issue a 1099 C. It’s the lender’s choice. The lenders have 4 years after the borrower’s last mortgage payment to decide which route they want to take.

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Although we have moved in with our in-laws, who love being with their grandchildren, the foreclosure sale resulted in about $62,000 of taxable "debt relief" income to us. We are worried the mortgage.

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.

Some states restrict deficiency judgments after a home foreclosure.. less than the actual debt (mortgage or car loan, for example) that is secured by the asset.

If the price the foreclosed home sold for plus equity is less than the loan or mortgage, then the lender has the option of seeking a deficiency judgment. While the.

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 · If you wish to obtain a successful deficiency judgment, you must have sent Notice of Intent to Foreclose and of Deficiency after Foreclosure of Mortgage prior 21 days of the sale. Now after the sale when a deficiency has risen, a deficiency lawsuit must be filed within two years of the foreclosure as per General Laws, Part III, Title III, and Chapter 244 Section 17A.

You fall behind on your mortgage payments. Your house is sold at a foreclosure auction. You move to a new home and breathe a big sigh of relief.

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"Just because they don’t have the money to pay the entire mortgage, doesn’t mean they don’t have enough for a deficiency judgment," said Florida foreclosure defense attorney Michael Wayslik. Advocates.