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Many states allow deficiency judgments in one kind of foreclosure, but not another. Often, a deficiency can be pursued in a judicial foreclosure, but not if a power of sale clause is used to auction a home outside of the court process. Homeowners should look up their own state laws and type of foreclosure being used against them.
The following list should be taken as a guide and not as legal advice or as particularly relevant to one borrower's case.
These states allow deficiency judgments without limits in certain kinds of foreclosure:
- Alabama
- Alaska
- Connecticut
- Delaware
- District of Columbia
- Florida
- Hawaii
- Illinois
- Indiana
- Kentucky
- Louisiana
- Maryland
- Massachusetts
- Missouri
- New Hampshire
- Ohio
- Rhode Island
- Tennessee
- Virginia
- Washington
- Wyoming
These states allow deficiency judgments with certain limits on the amount that can be granted in a judgment:
- Arizona
- Arkansas
- California
- Colorado
- Idaho
- Iowa
- Kansas
- Maine
- Michigan
- Minnesota
- Mississippi
- Nebraska
- Nevada
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Oklahoma
- Pennsylvania
- South Carolina
- South Dakota
- Texas
- Utah
- Vermont
- West Virginia
- Wisconsin
Deficiency judgments are not allowed on residential properties in Oregon under judicial foreclosure proceedings, and at all in power of sale foreclosures.
Wiki User
∙ 13y ago
Most US states allow deficiency judgments, which allow lenders to pursue borrowers for unpaid debt remaining after a foreclosure or short sale of a property. Some states have specific laws regulating deficiency judgments, such as limitations on the amount that can be pursued or requirements for the lender to apply for the judgment within a certain timeframe. It is important to consult with a legal professional in your state to understand the specific rules and regulations regarding deficiency judgments.
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None. There is no debtor's prison in the US.
What strategies allow us to solve problems and make judgments efficiently are called?
heuristics
Simple thinking strategies that allow us to solve problems and make judgments efficiently are called?
fixations
Does NJ process deficiency judgments from other states?
Yes. All states in the US honor all monetary judgments from all other states. That being said, while the judgment may be honored in all states, not all states permit the same levels of recovery. Some states, such as Louisiana, do not permit garnishment as a means of recovery, others permit recovery only under specific conditions. Contact a collection lawyer in your local area for specific information. Most offer free consultations, but be prepared with all paperwork you have.
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In general, US states give "full faith and credit" to the legal judgments of other states, so yes.
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The United States Marshals Service (USMS) is a US federal law enforcement agency within the United States Department of Justice.
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None.
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No US State has a ban against gay people.
