What Is A Mortgage Deficiency Judgment?

Can the mortgage insurance company (PMI) get a deficiency judgment against me for foreclosing my house? WE A NSWER: Even when you foreclose on your house because you are unable to continue with the payments or are declared bankrupt, the mortgage insurance company may still try to go after you by initiating a deficiency judgment.

 · HAFA is intended to allow homeowners to be released from a deficiency judgment by providing funding to mortgage-holders to partially compensate the mortgage-holder for the deficiency judgment. The primary drawback, and frustration, with HAFA is that it is an elective program and mortgage-holders are not required to submit to a HAFA arrangement.

702.06 Deficiency decree; common-law suit to recover deficiency. – In all suits for the foreclosure of mortgages heretofore or hereafter executed the entry of a deficiency decree for any portion of a deficiency, should one exist, shall be within the sound discretion of the court; however, in the case of an owner-occupied residential property, the amount of the deficiency may not exceed the.

When you mortgage a property, your name is on the deed but the. and walk away without suffering a deficiency judgment for the difference in what was borrowed and what was paid. If the lender agrees.

Deficiency judgment: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.

Deficiency Judgments After Foreclosure in South Carolina In South Carolina, if you go through foreclosure and the sale price is not enough to cover the balance of your mortgage, your lender can come after you for the difference.

Your lender can sue you for a deficiency judgment unless they agree to. For example, if you owe $225,000 on your mortgage and your lender.

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In some states, the lender can seek a personal judgment, called a " deficiency judgment," against the debtor to recover the deficiency.

Hi dorisakers, Welcome to the forum. Have you already faced foreclosure? If not then try and avoid foreclosure. btw I think the statute of limitations on a mortgage deficiency in Michigan is 6 years on Breach of Contract and for judgment it is 10 years and it is renewable for another 10 years. feel free to ask if you have any further questions.

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