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 >