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This is when you receive a judgment for a foreclosure because you do not have the money to pay your mortgage. Most foreclosures are a result of this, this is just a more specific term pertaining to this.

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Q: What is personal deficiency judgment foreclosure?
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When answering a deficiency judgment complaint can you also ask for dismissal of the case based on personal insolvency?

Insolvency is not a defense to a complaint for a foreclosure deficiency. If you have filed bankruptcy and the debt was discharged, that would be a defense.


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.


If you filed bankruptcy and are now facing foreclosure can the bank get a personal deficiency against you?

Yes, if the state and loan documents allow for a deficiency judgment, the bank can sue for one after the home has been sold at the sheriff sale and there is a deficiency. If the homeowners are sued after the public auction and the bank gets a deficiency judgment, then bankruptcy can be used to discharge the judgment. However, bankruptcy can not be used in advance before a deficiency judgment or other debt even exists to preclude its possibility.


Does the state of Illinois allow mortgage companies to sue for a deficiency judgment after the foreclosure?

yes


Deficiency judgments on foreclosures in KY does it happen?

Yes, there are deficiency judgements on foreclosures in the state of Kentucky. A person could have a personal judgement for the balance owed. An attorney can help you decide the best course of action.


Can there be a deficiency judgment on a mortgage foreclosure in West Virginia?

No, adeficiency judgment may not be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures.


What deficiency judgment laws in Maryland?

In Maryland, if a home is foreclosed on and the sale price does not cover the full amount owed, the lender can seek a deficiency judgment within three years of the foreclosure sale. However, there are various exemptions and limitations that may apply to protect homeowners from deficiency judgments in certain circumstances.


Does Pennsylvania have an anti deficiency law?

No, you can have a judgment against you for a default.


What are the deficiency judgment laws in Minnesota?

In Minnesota, the lender can seek a deficiency judgment after a foreclosure sale if the sale proceeds are not sufficient to cover the outstanding loan balance. However, there are certain limitations on when and how deficiency judgments can be pursued, such as restrictions on the amount that can be collected. It's advisable for borrowers facing foreclosure in Minnesota to consult with a legal professional to understand their rights and options regarding deficiency judgments.


Are deficiency judgments allowed in Minnesota after foreclosure?

Yes, deficiency judgments are allowed in Minnesota after foreclosure. Lenders can pursue borrowers for the remaining loan balance if the proceeds from the foreclosure sale are not sufficient to cover the debt owed. However, there are limitations on when and how deficiency judgments can be pursued.


What is a consent judgment in a foreclosure?

A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.


Can the private mortgage insurer sue the homeowner for the deficiency it pays to the lender after a foreclosure?

Yes, the private mortgage insurer can sue the homeowner for the deficiency. They can get a judgment against the home owner for the difference.