A deficiency judgement is where the mortgage lender files in court to require the borrower pay them the difference between what they owed on their mortgage and what the property sold for in a short sale or a foreclosure.
The deficiency amount varies but can be a very significant amount of money, even hundreds of thousands of dollars if your [state] short sale is not properly negotiated.
The deficiency judgment is the difference of the loan amount as well as... Continue Reading >
Is It Better To Short Sale or Foreclose On Your [city] Property?
Whether you have fallen behind on your mortgage payments, are attempting to negotiate a loan modification with your lender or contemplating a strategic default, the ultimate goal should be to find a solution other than foreclosure.
In most instances, Servicers and Lenders do not want to foreclose on delinquent borrowers as the first option due to the amount of time and money that they may potentially lose going through the... Continue Reading >