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.
Posted by NCBRC – July 24, 2017. Section 522(f)(2)(C) does not create an exception to lien avoidance for mortgage deficiency judgment liens. In re Pace.
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You've foreclosed on your home after being unable to make your monthly mortgage payments. Your lender has then sued you for the deficiency and won the.
A "Deficiency Judgment" refers to the amount of money still owed on your mortgage after a short sale, deed in lieu of foreclosure or your decision to walk away from the mortgage. The remaining amount plus collection costs, attorney’s fees and interest make up the deficiency balance and once the bank obtains a judgment for that balance.
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Winning a deficiency judgment following foreclosure may become less costly for. value is equal to the indebtedness secured by the mortgage.
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A deficiency judgment is a judgment against Barry’s estate for the difference between what the lender is able to unload the home for after its foreclosure and the sum of the outstanding debt, accumulated interest, attorneys fees and costs of the transaction.
This article explains the ways a mortgage lender can collect a deficiency judgment. (Learn more about deficiency judgments after foreclosure.) Judgment Liens. The mortgage lender can get a judgment lien against your personal property and other real estate that you own within the county, giving it a security interest in that property. This means the bank can foreclose on that other real estate-it might do this if you have equity and the bank thinks it’ll get enough money to make the effort.
Banks who have made mortgages in North Carolina are allowed to seek deficiency judgments against borrowers. The lesson to be learned is that if you owe more on your mortgage than your house is worth and the property is in a state that allows lenders to seek deficiency judgments, you may still owe money even after foreclosure.