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That deficiency judgment will be for the amount of money the homeowner. Who in their right mind would move to Florida when they can move to another state where signing a mortgage is not a mortally.
Deficiency judgment: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.
I do not see a light at the end of the tunnel. above mentioned deficiency judgments, here is a recent article in the WSJ that may be of interest to our readers: "House is Gone, but the Debt Lives.
In most states, lenders can sue borrowers to recover the deficiency. If the court awards the lender a deficiency judgment, the lender can use the judgment to garnish the borrower’s wages or freeze the borrower’s bank accounts until the deficiency judgment is paid off. Are Deficiency Lawsuits Allowed in Your State? The laws governing deficiency judgments vary from state to state. Some states give lenders an unfettered right to seek deficiency judgments after a foreclosure sale.
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Two areas of law can converge and complicate the issue of inheriting your parents’ deficiency judgment. On one hand, probate law usually governs responsibility and payment for decedents’ debts. On the other hand, if you inherit the property and take possession of it, consumer law can take over.
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A deficiency judgment is a judgment lien against a borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. Deficiency judgments are limited to the fair market value of the property less the unpaid balance of the loan that was foreclosed.
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Waiver of Deficiency. Other documents, such as lien releases, do not qualify as a waiver of deficiency. If you also have a home-equity loan or any type of second mortgage, you will need letters from those lenders stating the deficiency is waived. Warning – lenders are not under any obligation to waive a deficiency.
A True Deficiency Judgment. The second outcome is that if your property is worth $100,000 but sells for $50,000. The $50,000 difference is called a deficiency, not a deficiency judgment. A deficiency is the difference between the amount you owed on your mortgage and what your lender sold it for at auction.