All articles about Deficiency judgment

How far can a Mortgage Lender go to collect Deficiency Judgments?

Through deficiency judgment, court holds you liable for the mortgage debt that remains unpaid after foreclosure. When the selling price of a property is less than the actual loan balance, it becomes difficult to eliminate the mortgage debt completely. In such a circumstance, the lender may take legal action against the borrower to collect the amount that remains unpaid after selling the property. Apart from the unpaid debt, there are the other charges associated with the foreclosure procedure that can be included into the deficiency judgment. Continue reading How far can a Mortgage Lender go to collect Deficiency Judgments?