Posted on: 19th Feb, 2009 08:28 am
If my home foreclosed and my lender bought it back for $105,000, with a balance of $149,000 owed, but the fair market value for that home is $115,000, what amount am I liable for if my lender files a deficiency judgement?
Hi lefsschu,
Deficiency judgments are permitted in Minnesota. After the foreclosure sale, the lender can claim the deficient amount from you. If you are unable to pay this amount, the lender may place lien on your other properties or he can even garnish your wages. However, you should note that the deficiency judgments are limited to fair market value of the property less the unpaid loan balance.
Thanks
Deficiency judgments are permitted in Minnesota. After the foreclosure sale, the lender can claim the deficient amount from you. If you are unable to pay this amount, the lender may place lien on your other properties or he can even garnish your wages. However, you should note that the deficiency judgments are limited to fair market value of the property less the unpaid loan balance.
Thanks
FMV=400k
1st lien $398k
2nd lien $170k
Can 2nd lien holder pursue a defiency and for how much?
1st lien $398k
2nd lien $170k
Can 2nd lien holder pursue a defiency and for how much?