Posted on: 24th Mar, 2010 07:47 pm
our condo just took title of a unit for $20,000 with a $86,200 real estate value and a MTG LIEN for $232,500!
Should we pursue a deficieny judgement and take ownership of the unit
and then have the option to sell!
Should we pursue a deficieny judgement and take ownership of the unit
and then have the option to sell!
Hi simone,
The amount of the deficiency is not negligible. If you have the legal right to collect the deficiency, you can definitely pursue a deficiency judgment against the borrower. But it depends on the borrower's financial situation if pursuing the deficiency will be worth your while. If the borrower does not have the financial ability to pay off the deficiency, it will not be worth your efforts to obtain the judgment.
The amount of the deficiency is not negligible. If you have the legal right to collect the deficiency, you can definitely pursue a deficiency judgment against the borrower. But it depends on the borrower's financial situation if pursuing the deficiency will be worth your while. If the borrower does not have the financial ability to pay off the deficiency, it will not be worth your efforts to obtain the judgment.