What Is A Mortgage Deficiency Judgment?

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A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in.

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There are exceptions to this rule. If the mortgage is a non-recourse debt (which is often the case with owner-occupied residential mortgages in the U.S.), lender may not go after borrower’s assets to recoup his losses. Lender’s ability to pursue deficiency judgment may be restricted by state laws.

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A common commercial loan package includes a mortgage on the corporate. Lenders may waive rights to a deficiency judgment against.

I do not know the laws in North Carolina. I do know, however, that in 36 states (and in the District of Columbia) mortgage holders can pursue borrowers for what is known as a deficiency judgment.

Some states have a law that prohibits a deficiency judgment, which protects borrowers from having to pay the bank for its loss following a foreclosure sale. Recourse vs. Non-Recourse Loans in Foreclosure Learn why it’s important to find out what type of mortgage loan you have when you’re facing foreclosure. Income Tax Liability for Deficiencies

In general, a mortgage deficiency judgment is treated like any other general unsecured debt (such as medical bills) in bankruptcy. This means that whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, once you receive your discharge your personal liability for a mortgage deficiency will be wiped out.

A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collections.

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Lenders beware: if a complaint for mortgage foreclosure seeks a personal deficiency judgment against a borrower based on the borrower’s obligations under a note and mortgage, be certain to obtain the right to a personal deficiency judgment in the foreclosure judgment and a personal deficiency judgment in the order confirming sale.

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