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i was told that Arizona is a non deficiency state. that means when the bank loaned you money on your house they took the risk of values going down. so, if they agree to a short sale on your house and the loan is for 200,000 but you can only sell it for 180,000, the bank eats the difference not you. as long as you don't sign a note saying that you will repay the difference.
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Is North Carolina a non-deficiency state?
No
Is Arizona a non-deficiency state?
Yes
Is Indiana a non recourse state?
No... Illinois is a recourse state.... They can come after you for a deficiency judgment.
What are Colorado's laws regarding deficiency judgments after a non-judicial foreclosure?
Colorado is a full recourse state. Creditors may pursue a debtor for a deficiency judgment for 20 years after the debt was incurred. Moving to another state could result in the creditor domesticating the deficiency judgment and then the new state's statute of collection limitations would apply.
Arizona is a non-deficiency state does this apply to mortgages?
Absolutely!!! That is the only type of loan that it applies too and it must be primary residence.
Is Georgia a non recourse debt state?
Yes, Georgia is a non-recourse debt state. This means that in the case of a foreclosure, the lender cannot pursue the borrower for any deficiency balance remaining after the sale of the property.
Does Florida have anti-deficiency laws?
according to this website, NC does have an anti-deficiency provision. http://www.helocbasics.com/list-of-non-recourse-mortgage-states-and-anti-deficiency-statutes/
Are mortgages in Indiana non-recourse?
If the deficiency is forgiven by the lender, is it still subject to federal and state tax? The mortgage preforeclosure short sale closing date was in 2005.
Is Ohio a deficiency judgment state?
Yes, it is.
In Arizona is there a deficiency balance owed by the seller on real property in a short sale?
I thought that Arizona was a non-deficiency state, but when the bank accepted my offer they alerted me that they would be coming after me for the difference between the sale price and what I owe (which is over $100k). They said that if the house was sold for less than 90% of what you owe, than they have authorization to come after you for the deficiency.
Is California a non deficiency state?
My understanding is that you are right and the deficiency judgment cannot be persued after the foreclosure action by the lender that did the foreclosure in California "IF THE LOAN is a PURCHASE MONEY loan (which means the loan was used to purchase the property). However, if the loan is a refinance or a HELOC than the No Deficiency Judgment Rule does not apply. However, if a Short Sale is done instead of a Foreclosure - then the foreclosure action no longer exists and the lenders (non-purchase or purchase) can persue a deficiency judgment. Also - if I understand this correctly - even if the second lender is purchase money - if the 1st forecloses, the second did not - and therefore may be entitled to persue a deficiency judgment.
Is South Carolina a deficiency judgment state?
Yes
