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What Is A Deficiency Judgment?

What Is A Foreclosure Deficiency Judgment| Rapid Home Deals 352-480-0955
Speaker 1:
Good morning. It’s Friday once again, and it’s time for Fan Mail Friday. The question we had this week is a corollary from the one week we had last week about the short sale, and that is this: What is a foreclosure deficiency judgment?

Well, a deficiency judgment is a ruling made by the court against a borrower. In the case where the house is sold at the foreclosure auction, the proceeds do not cover the entire amount due. All right, the bank can file for this judgment in the amount of the difference between what was taken in at the auction and what was actually due, all right. And that’s just to satisfy the entire debt.

The judgment by itself does not carry a great deal of weight. However, the bank can take that judgment and then slap liens against anything else you own, or maybe even garnish your wages. For example, if you have an automobile, the bank can then take and slap a lien against that automobile. Now, if you go to sell that automobile, it’ll show up and you’ll have to pay off the deficiency judgment in order to sell the car.

Some states do not allow deficiency judgements, all right. These are Alaska, Arizona, California, Connecticut, Hawaii, Iowa, Minnesota, Nevada, North Carolina, North Dakota, Oregon, Washington, and Wisconsin. And those states that do allow deficiency judgments, a good real estate attorney can approach the bank and see if they can get them to forego filing for the judgment.

That’s covers deficiency judgements.

All right, if you know someone who needs to sell their home quickly, have them call Rapid Home Deals at 352-480-0955, or go to our website www.rapidhomedeals.com. And we’ll see you next Friday.
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