A Chapter 7 bankruptcy can completely eliminate the deficiency judgment, but with a Chapter 13 filing a portion of the debt might have to be paid. (See Bankruptcy & Foreclosure: Mortgage Deficiency Judgments for more detail.) In Rem Deficiency Judgments. An in rem deficiency judgment
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.
Wolfe, which made it a lot harder for lenders to obtain a post-foreclosure deficiency judgment. (For a refresher, you can read that old case alert here.) Well, the wheels of justice have slowly turned.
· Vital facts. The Elliotts defaulted under their mortgage loan with Fifth Third Bank, which obtained a judgment and decree of foreclosure. The proposed order Fifth Third Bank tendered to the trial court spelled out an in rem (against the property) judgment, as opposed to an in personam (against the person) judgment. The trial court signed off on.
Can the mortgage insurance company (PMI) get a deficiency judgment against me for foreclosing my house? WE A NSWER: Even when you foreclose on your house because you are unable to continue with the payments or are declared bankrupt, the mortgage insurance company may still try to go after you by initiating a deficiency judgment.
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A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in.
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At its most basic, a deficiency judgment is a procedural tool that allows a secured creditor who sells collateral for less than the total amount owed on a loan to collect the difference (the deficiency) from a defaulting borrower.
How Deficiency Judgments Are Collected? A deficiency lawsuit is like a lawsuit to recover an unsecured debt, like credit card debt or medical bills. Before the foreclosure, your mortgage was a secured debt you owed your bank a certain amount of money and your home guaranteed repayment.
. california supreme court expands creditors' Deficiency-Judgment. or mortgage on real property may not collect a “deficiency judgment”.