A mortgage deficiency waiver frees you of the burden of having to pay back the rest of your mortgage in the event your house sells through a short sale. Otherwise, you may end up having to pay the mortgage off even though you took less for your home and may not be able to afford to do so.
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A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full.
What is a mortgage deficiency judgment? A mortgage deficiency judgment is when a home owner or real estate investor looks up to find that their property is actually worth less than the amount that they owe on the mortgage. In cases like this when the property goes through a foreclosure it is up to the mortgage lender as to how much you are still liable to pay.
Some states have a law that prohibits a deficiency judgment, which protects borrowers from having to pay the bank for its loss following a foreclosure sale. recourse vs. Non-Recourse Loans in Foreclosure Learn why it’s important to find out what type of mortgage loan you have when you’re facing foreclosure. Income Tax Liability for Deficiencies
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A subsequent mortgage that satisfies the requirements of the applicable recording act has priority over an unrecorded prior mortgage deficiency Judgment When the bank sues the defaulter for the remaining balance of the loan after the house has been sold
Minnesota Bank & Trust recently won a court judgment for almost $1.6 million against Arteka Cos. the bank has requested that I put you on notice that you may need to liquidate your own personal.
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After the Foreclosure: Deficiency Judgments and Taxes If you are facing foreclosure, or have lost your home through foreclosure, you might still owe your mortgage lender money after the sale. This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a "deficiency."