Q. What exactly does a deficiency waiver mean? A.A waiver of deficiency means that the mortgage company has agreed not to sue you for the unpaid balance that may remain after the home is sold (whether via a foreclosure sale, short sale or deed in lieu of foreclosure).
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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: "Starting in 1835, a succession of statutes established a mortgagee’s right to a judgment for the deficiency when the value of the property proves inadequate to satisfy the mortgage debt in full.
A deficiency judgment forces a defaulted borrower to sell personal property to settle a debt. A borrower sells the mortgaged property for less than what is owed on the loan balance. A foreclosed property is sold quickly at a public auction instead of through a standard sales process.
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""A deficiency judgment after foreclosure seems to be one of the greatest. ""Not only are they behind by thousands of dollars on their mortgage payments and facing public auction of their houses,
If it goes that route and gets a judgment, it then could garnish your wages. Is such language sufficiently broad to protect me from any future deficiency claims? Also, if there was mortgage.
In most states, lenders can sue borrowers to recover the deficiency. If the court awards the lender a deficiency judgment, the lender can use the judgment to garnish the borrower’s wages or freeze the borrower’s bank accounts until the deficiency judgment is paid off. Are Deficiency Lawsuits Allowed in Your State? The laws governing deficiency judgments vary from state to state. Some states give lenders an unfettered right to seek deficiency judgments after a foreclosure sale.
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Deficiency Judgment. An assessment of personal liability against a mortgagor, a person who pledges title to property to secure a debt, for the unpaid balance of the mortgage debt when the proceeds of a foreclosure sale are insufficient to satisfy the debt.