Mortgage Foreclosure Deficiency Judgment
What Are the Duties of a Collections Defense Lawyer? The primary duty of a debt collections lawyer is to meet with clients, talk with them about their situation and understand what they would like to achieve with the legal representation. Clients with substantial debt may be looking for a payment plan arrangement while others would like to discharge the debt right away.
Q. What exactly does a deficiency waiver mean? A.A waiver of deficiency means that the mortgage company has agreed not to sue you for the unpaid balance that may remain after the home is sold (whether via a foreclosure sale, short sale or deed in lieu of foreclosure).
A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.
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(This applies to foreclosure cases filed AFTER July 1, 2013) Cannot exceed the difference between the foreclosure judgment amount and the fair market value of the property on the date of the foreclosure sale. 702.06 fla. stat. The setting of the deficiency balance is within the sound discretion of the Court.
Floridians who lose a home to foreclosure may be more doggedly pursued for their unpaid mortgage debt after a federal audit that says lender losses can be recovered by demanding payback. That kind of.
If the foreclosure auction of the property doesn’t wipe out your debt, you may be sued for a deficiency judgment, a requirement that you pay whatever else is owed. First mortgage and second.
(1) In uncontested mortgage foreclosure proceedings in which the mortgagee waives the right to recoup any deficiency judgment, the court shall enter final judgment within 90 days from the date of the close of pleadings. For the purposes of this subsection, a mortgage foreclosure proceeding is uncontested if an answer not contesting the.
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If they do not file the deficiency judgment within the allowable timeframe, can they still come after us for any money owed? If the money is not paid back to the mortgage company, will the foreclosure.
(a) If a mortgage entered after March 22, 1986, on property used in agricultural production is foreclosed and sold, a deficiency judgment may only be obtained by filing an action for a deficiency judgment and a determination of the fair market value of the property within 90 days after the foreclosure sale.