· If you wish to obtain a successful deficiency judgment, you must have sent Notice of Intent to Foreclose and of Deficiency after Foreclosure of Mortgage prior 21 days of the sale. Now after the sale when a deficiency has risen, a deficiency lawsuit must be filed within two years of the foreclosure as per General Laws, Part III, Title III, and Chapter 244 Section 17A.

A judgment based on the deficiency is known as a "deficiency judgment", and can include not just the difference in the mortgage and ultimate.

One of the recurring topics in mortgage foreclosure appeals is whether the trial court properly entered a personal deficiency judgment against the borrowers or guarantors of a loan. Although dependent on the fluctuation of property values, it is not uncommon for a deficiency to result from the judicial sale of a foreclosed property.

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 · A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law.

Deficiency judgment. Imposition of personal liability on a borrower for the unpaid balance of mortgage debt after a foreclosure has failed to yield the full amount of the debt that was due and owing at the time of foreclosure.

Provides finality of mortgage foreclosure judgments for certain purchasers of property. Limits the amount of a deficiency in the case of an owner-occupied residential property to no greater than.

Deficiency Judgments in California. If the second mortgage is hard money and the lender has lost security for that loan through a foreclosure or short sale — making the security for the promissory note worth nothing — the beneficiary of that second mortgage can pursue a deficiency judgment (Roseleaf Corp. v. Chierighino, 59 Cal. 2d 35 (1963).

A deficiency judgment establishes losses resulting from a home foreclosure and is filed against the former homeowners. Deficiency judgments are seldom pursued by mortgage lenders unless they are confident that the former homeowners have the ability to pay the deficiency judgment.

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"Just because they don’t have the money to pay the entire mortgage, doesn’t mean they don’t have enough for a deficiency judgment," said florida foreclosure defense attorney Michael Wayslik. Advocates.