With the current housing market, the phrase "deficiency judgment" is now a commonplace phrase — one that more often confuses the issue than clarifies it.
A deficiency judgment occurs when a home is sold in foreclosure for less than the outstanding balance. When a bank comes after a previous homeowner with a deficiency under state law, it must obtain a lawsuit in the county in which the homeowner lived. The bank must give a notice of the lawsuit so that the person who is served can obtain proper counsel.
A skilled bankruptcy attorney may be able to defend against the enforcement of the note by arguing against improper filing of paperwork or its transfer, among other methods. Second mortgages are sometimes very pernicious.
Asking, "What Is Deficiency Judgment In Bankruptcy?" Contact An Ocean County Bankruptcy Attorney
If you are working through bankruptcy and real estate issues, our team is prepared to bring more than 35 years of experience to work to help you resolve any issues and get a clean slate on financial life.
By fusing our comprehensive knowledge with our premier service and dedication to client well-being and success, we have helped thousands of clients work toward debt relief solutions that were tailored to their unique circumstances. Regardless of your unique issues, we are prepared to do the same for you. We look forward to working with you.
To schedule a free initial consultation to discuss repossession and bankruptcy with our Monmouth County bankruptcy lawyer, call toll free: 866-974-1136 or fill out our contact form. Hablamos español.
The law offices of William H. Oliver, Jr. & Associates is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.