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Here's how deficiency judgments work in Illinois:. If the foreclosed property was investment property ,or the mortgage was held by a small.
A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.
“Deficiency judgments are absolutely devastating to the foreclosed. “Further, with 1.1 million seriously delinquent mortgages looming on the foreclosure horizon – triple the Enterprises’.
Deficiency judgments can follow a mortgage foreclosure, leaving the former homeowners on the hook for thousands or even tens of thousands of dollars. A "deficiency judgment" is an order by a court making the debtor personally responsible for the shortfall that occurs when the property is sold in foreclosure for less than the balance owed to the mortgage lender.
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How Deficiency Judgments are Collected. A deficiency lawsuit is like a lawsuit to recover an unsecured debt-such as credit card debt or medical bills-because the deficiency is exactly that, an unsecured debt. Before the foreclosure, your mortgage was a secured debt; you owed your bank a certain amount of money and your home guaranteed repayment. Because you failed to pay back your mortgage loan, the bank had the right to sell your home to recoup the debt. After foreclosure, you might.
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If the foreclosure auction of the property doesn’t wipe out your debt, you may be sued for a deficiency judgment, a requirement that you pay whatever else is owed. First mortgage and second.
The July 1 deadline for filing deficiencies on all foreclosures concluded. But the exceptions came in mortgages held by the federally. controversy has emerged about the way those deficiency judgments are being pursued.
redemption periods and deficiency judgments in other states For this report, we relied on the compilation of state laws in NCLC ‘ s "Survey of State Foreclosure Laws," part of a 2009 NCLC study, "Foreclosing a Dream," written by John Rao and Geoff Walsh.