What Is A Mortgage Deficiency Judgment?

A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed. For purposes of calculating the amount of deficiency liability, the foreclosed property "value" is the fair market value on the date of the foreclosure sale auction.

In this example, the difference of $25,000, minus closing costs and other costs of selling, is considered the deficiency. Before the process can begin, the lender that holds the mortgage must sign off.

With a deed in lieu of foreclosure, the deficiency amount is the difference between the fair market value of the property and the total debt. In Connecticut, a lender can get a deficiency judgment following a deed in lieu of foreclosure. To avoid a deficiency judgment with a deed in lieu of foreclosure, the agreement must expressly state that the transaction is in full satisfaction of the debt.

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702.06 Deficiency decree; common-law suit to recover deficiency.-In all suits for the foreclosure of mortgages heretofore or hereafter executed the entry of a.

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In June 2010, the government mortgage giant Fannie Mae authorized servicers who handle their loans to pursue such collections. Fannie Mae spokeswoman Keosha Burns said the agency does not release data.

The difference between the sale price and the total debt is called a "deficiency." Example. Say the total debt owed is $400,000, but the home sells for $350,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment, called a "deficiency judgment," against the debtor to recover the deficiency.

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You've foreclosed on your home after being unable to make your monthly mortgage payments. Your lender has then sued you for the deficiency and won the.

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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.