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"It is a negotiated loss to the bank between borrower and bank," said Craig Jarrell, president of the Dallas region of Iberiabank Mortgage Co. "You are even and not hit with a deficiency judgment -.
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.
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A deficiency judgment means a lender can go after your other assets if the company forecloses on the property and resells it for less than you owe on the mortgage. So if you owe the lender $400,000,
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We are worried the mortgage company might sue us for a deficiency judgment (although we told them we have no assets left). We’re worried we will have to pay tax to the Internal Revenue Service on the.
A deficiency judgment is a court judgement that is issued when a borrower takes out a loan and is unable to pay the full amount that is owed at the time of sale. By way of example, let’s say a borrower buys a home for $500,000 and takes out a loan (mortgage) for $400,000.
The contract from the bank, however, said in part: “[Lender] and/or its investors may pursue a deficiency judgment for the difference in. In addition, if this loan is covered by mortgage insurance,
When an individual goes through a foreclosure in Illinois and the sale price is unable to cover the mortgage, in some situations the lender can pursue the person.
If the second mortgage lender is unable to foreclose due to the first lender having priority, the second lender may still be able to recover some of the loss from the loan. This is called a deficiency.
A deficiency judgment on a foreclosure is a court order making the debtor personally liable for the outstanding debt of a home mortgage. A lender can also initiate action against a debtor in a short sale or deed in lieu of foreclosure. Deficiency judgments in Ohio. Individual state law governs deficiency actions.
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