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.
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.
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.
yes
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.
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.
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.
No, you can have a judgment against you for a default.
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.
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.
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.
Yes, the private mortgage insurer can sue the homeowner for the deficiency. They can get a judgment against the home owner for the difference.