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What is a deficiency judgment?

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Answer:

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.

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First answer by Glendaleatty. Last edit by Glendaleatty. Contributor trust: 167 [recommend contributor ]. Question popularity: 1 [recommend question].

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What are the deficiency judgment laws in Indiana?
If there is an agreement and an applicable waiting period is not waived, a deficiency judgment may be obtained on a mortgage in Indiana. This means that deficiency judgments in the state of Indiana...
Is Florida a deficiency judgment state?
Absolutely
Deficiency judgment in Illinois?
Lenders don't issue deficiency judgments. Courts do. And if the lender doesn't get the total amount owed, including all the costs of trying to recover (legal, towing, fix up, maintenance, interest,...
Is Ohio a deficiency judgment state?
Yes, it is.
What do you do when you are being sued on a deficiency judgment?
You basically have two three choices. See what happens in court, pay the full amount of the deficiency to avoid court, or do what I would do. Call the lender and try to get them to accept less than...