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Since the lender can obtain a deficiency judgment when a foreclosure sale does not generate sufficient proceeds to pay off the mortgage, the borrower avoids a judgment, and the lender saves additional.

In order to obtain a deficiency judgment, the lender has to file a motion with the Court, within 1 year from the foreclosure sale, seeking a judgment in the amount of the deficiency – the amount still left on the mortgage.

 · Sam, There are deficiency judgments in all 50 states. In Texas, they usually come by way of a 2nd mortgage or an equity line of credit that was not paid.

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A deficiency judgment is levied against an individual who has gone into foreclosure and still owes money on his mortgage. If the house is sold and there is still a balance left over, the lender could potentially sue the homeowner for the extra money. If the judgement is successful, the individual will have to come up with the additional money to pay the lender.

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.

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.

Upon his passing this past September, we were fortunate enough to get renters in right away to cover half the mortgage payment. that if you live in a state which allows deficiency judgments, the.

Deficiency judgments stem from the fact the borrower defaulted on a promissory note, not the mortgage. A promissory note is a promise to pay. It can also create personal liability, depending on state laws. personal liability means the lender can go after the borrower’s assets for failure to pay a loan.