What Is a Deficiency Judgment?
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.
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 your financial life.
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