Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments

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Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale.

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If you are going to pay a judgment, you absolutely must ensure it will, in fact, be paid off and a Satisfaction of Judgment will be filed. This should be done by a lawyer. Fitzgerald Campbell has a very affordable, performance-based program to resolve judgments. 3) Discharging the judgment through bankruptcy.

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How to Avoid Florida Deficiency Judgments by Roy Oppenheim Foreclosure may not end a homeowner’s financial troubles. The mortgage lender still has the option of filing a claim for a deficiency judgment, which allows the collection of any loan balance remaining after the sale. In Maryland, as elsewhere, there are legal procedures a creditor must follow in order to pursue a.

3rd party debt collectors buy bad debt, including deficiency judgments. So, even though they will claim you have to pay the judgment amount plus interest and fees, you don’t have to pay them!! If they want to make you pay, then they will need to validate the debt, and a copy of a judgment is evidence of a debt but not evidence that it is owed.

A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collections. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.

After putting all their money — $450 saved to publish a Christian magazine in Braille — in the collection. Final judgment entered on Jan. 5 for total $13,239.25. — FIRST UNION NATIONAL BANK OF.

"There are 3 million to 4 million seriously delinquent mortgages that under normal circumstances would be in foreclosure but have been. likely get through default without having to pay a deficiency.

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