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If condo association forecloses on an owner does the lender pursue deficiency judgment against the owner or condo association?
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∙ 14y ago
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∙ 14y ago
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What happens If the bank forecloses and sells your home for less than the mortgage?
Depending on where you live and the type of loan you have, the lender may be able to go to court and get a deficiency judgment against you for the difference (in most cases they can do that)
What are the short sale deficiency judgment laws in Pennsylvania?
Deficiency judgments are allowed in Pennsylvania if the mortgage company files a separate lawsuit against the borrowers after the original foreclosure auction. If the mortgagee (usually the foreclosing bank) purchases the property at the auction, the amount of any deficiency judgment is limited by the fair market value of the property.
If you filed bankruptcy and are now facing foreclosure can the bank get a personal deficiency against you?
Yes, if the state and loan documents allow for a deficiency judgment, the bank can sue for one after the home has been sold at the sheriff sale and there is a deficiency. If the homeowners are sued after the public auction and the bank gets a deficiency judgment, then bankruptcy can be used to discharge the judgment. However, bankruptcy can not be used in advance before a deficiency judgment or other debt even exists to preclude its possibility.
Does Pennsylvania have an anti deficiency law?
No, you can have a judgment against you for a default.
What is a deficiency judgment?
A deficiency judgment is where the owner of a mortgage or deed of trust is awarded a judgment against the borrower in the amount of: the amount of money owed in the mortgage or deed of trust minus the amount of money the property sold for at foreclosure sale If the above amount is a positive number, some states allow the lender to get a judgment for that amount.
How common are deficiency judgments in Florida?
Deficiency judgments are fairly common everywhere on large houses. The more the amount you owe on a house, the more you are likely to have a judgment filed against you.
Can the private mortgage insurer sue the homeowner for the deficiency it pays to the lender after a foreclosure?
Yes, the private mortgage insurer can sue the homeowner for the deficiency. They can get a judgment against the home owner for the difference.
What deficiency judgment laws in Maryland?
In Maryland, if a home is foreclosed on and the sale price does not cover the full amount owed, the lender can seek a deficiency judgment within three years of the foreclosure sale. However, there are various exemptions and limitations that may apply to protect homeowners from deficiency judgments in certain circumstances.
Can your wages be garnished if you foreclose on a house?
depending on the state you live in yes. If the bank forecloses and they get a default judgment against you, they can garnish your wages. Not in Texas though. There are other states that don't allow wage garnishment, except on federal debt
What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?
the lender can seek a deficiency judgment against the homeowner in court
How do you file a lien against a property owners association?
If the association owes you money, you can take your evidence to an attorney who can help you take the appropriate action against the association.Generally, you would file suit against the association and if you prevail you would request a judgment lien to reach any assets that belong to the association. That would most likely be a bank account. The judgment lien would enable you to attach the association's account and freeze those funds.In my jurisdiction the seizure would be accomplished through the local sheriff's department. Your attorney will explain your options once she/he has reviewed your situation.
Can they place a lien on your business property in Maryland for a deficiency judgment which is against you ex-husband in addition to you?
If both parties are named in the judgment, then a lien can be placed against the property of either or both parties. There may be, however, the possibility of appeal and removal of one party due to the dissolution of marriage.
