Posted on: 22nd Oct, 2008 07:15 pm
i'm currently in preforeclosue but on my last thread i tryed very hard to do a shortsale and its too late for dil if and when my propert will be foreclosed will there DEFENITLY be a deficiancy judgement against me and can they put a lien on my primary property in ny where i live? desperate for answer !!!
Hi leah!
Yes, you are correct either you will have to pay the deficient or the lenders can place lien on your property. However, there are some lenders who forgive deficiency but its totally their discretion. Did you try for loan repayment plan?
Sussane
Yes, you are correct either you will have to pay the deficient or the lenders can place lien on your property. However, there are some lenders who forgive deficiency but its totally their discretion. Did you try for loan repayment plan?
Sussane
Hi leah,
Welcome to our forums.
The deficiency can arise if there is a difference between the loan balance you owe and the sale price of the home. So, if you're going for a short sale, chances are that the lender may seek a deficiency payment and he may file a judgment in this regard. However, if it's a purchase mortgage and yours is a anti-deficiency state, then one may not have to pay the deficiency.
Now, in your situation, Miami being a state where deficiency judgment is allowed, you'll have to pay the deficiency. Otherwise, the lender may garnish your wages or place a lien on other properties. He may even charge off the unpaid mortgage balance.
Good luck
Welcome to our forums.
The deficiency can arise if there is a difference between the loan balance you owe and the sale price of the home. So, if you're going for a short sale, chances are that the lender may seek a deficiency payment and he may file a judgment in this regard. However, if it's a purchase mortgage and yours is a anti-deficiency state, then one may not have to pay the deficiency.
Now, in your situation, Miami being a state where deficiency judgment is allowed, you'll have to pay the deficiency. Otherwise, the lender may garnish your wages or place a lien on other properties. He may even charge off the unpaid mortgage balance.
Good luck