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Deficiency Judgment
Avoid a DEFICIENCY JUDGMENT at all costs !!
It will hound you for YEARS!!
"...the lender could legally hound you, your family and friends if they think that you have any assets of value that they can get their hands on..."
Something as simple as your wristwatch.
AVOID A FORECLOSURE !!!
It will be on your credit report for 10 years!!
In simple layman terms, when relating to real estate, a Deficiency Judgment is when your bank or lender foreclosures on your property.
After the bank obtains the property back at the court house steps, they will obtain a Deficiency Judgment again YOU from the court for EVERY PENNY that is owed to them; including:
- Attorney Fees
- Court Costs
- Evict whoever is there;
- Do whatever repairs are needed;
- Clean it up, Paint it;
- Put it in the market, list it with a Realtor;
- Pay all the real estate taxes due;
- Pay Realtor's commission;
- Etc.
The bank/lender is out of their money and want it back. Keep in mind that they will automatically get a Deficiency Judgment from the courts when they show their losses. Months ..even years, they come after YOU ... right when you least expect it!
You can't buy another house, car or anything
until the Deficiency Judgment is paid off !!
ALSO: Those lenders that had a 2nd, 3rd mortgage on your property will obtain a Deficiency Judgment for the amounts owed to them too (including attorney fees and costs).
Most ignorant people will think, "Oh well, my credit is shot anyways."
NO, it's not that simple!!
We have seen mortgage lenders come after borrowers, hounding them, making their lives miserable with subpoenas in order to get any assets that they think that they can get a hold of. They subpoena their spouses, family members and friends too. Perfectly legal for them to do.
This is very frustrating, not to mention embarrassing.
BOTTOM LINE...
Don't get a Deficiency Judgment or you will be even MORE miserable! (Yes, things could be worse)
If you can't keep the house, sell your home via a Short Sale!
Doing nothing is the WORSE thing that
you can do to yourself and your family.
Remember, if the property was sold at the court house steps and you owed $200,000 plus another $50,000 attorney fees, costs, etc and the property was sold for $150,000 ... there will be a Deficiency Judgment for a whopping $100,000 against YOU.
This is typical when you have a property that was foreclosed upon and the loan(s) were upside/down = owe more than the value.
With our service you will not have to worry about a Deficiency Judgment, as long as we negotiate with offers between the lender, homeowner and potential buyer everyone accepts the offers being presented.
Forty-four of the 50 States allow the lender to receive a Deficiency Judgment against the borrower for any loss they suffer from the results of funding a loan on their home.
The 6 States that do not allow deficiency judgments are: California, Minnesota, Mississippi, Montana, North Dakota and West Virginia.
Under some conditions lenders will accept the property back from the borrower as full payment in order to save the time and expense of going through the foreclosure process. This is called Deed in Lieu of Foreclosure.
Our job is to convince the lender it’s in their best interest to accept the property as payment in full.
This is not a simple plan as we must provide the lender with a complex detailed analysis of current value of the property. Then we must prove that the borrower cannot afford to make payment or sell the home any time soon or at all.
Selling your property via Short Sale or just turning in your property in Deed in Lieu of Foreclosure will also prevent the lender from filing a 1099 on their loss which is regular income to the borrower.
Contact us Now!
Time is of the Essence!
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