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It is important to note that there is a difference between a deficiency and a deficiency judgment. A "deficiency" is the difference between the amount owed on a loan and the total amount received/collected at the closing of a loan. A deficiency judgment is a court judgment that is a public record of
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States that follow the title (trust-deed) theory of mortgages typically allow non-judicial foreclosure procedures, which are fast, but do not allow deficiency judgments. States that follow the lien theory of mortgages require judiciary foreclosure procedures, but allow deficiency judgments against
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that the United States is "seeing an uptick" in the pursuit of deficiency claims, because technological developments have enabled large debt-buying institutions and mortgage insurers to more easily pursue former borrowers, who often don't know their legal rights.
43:, which is largely a matter of state law. In some jurisdictions, the original loan(s) obtained to purchase property is/are non-recourse, but subsequent refinancing of a first mortgage and/or acquisition of a 2nd (3rd, etc.) are recourse loans.
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the amount owed and by whom. In many states, items included in calculating the amount of a deficiency judgment include: the loan principal, accrued interest and attorney fees, less the amount the lender bid at the foreclosure sale.
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In short, many jurisdictions hold that the loans obtained at the acquisition of a property ("purchase-money") are non-recourse, and most, if not all, subsequent loans are recourse.
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the debtor, although some states have narrowed the time periods to seek a deficiency judgment.
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106:"Supreme Court of Missouri Upholds Lenders' Rights to Obtain Full Deficiency Judgment"
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131:"Bound by Debt: The Relentless Grip of the Foreclosure Crisis Continues"
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sale did not produce sufficient funds to pay the underlying
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In 2014 Geoff Walsh, a staff attorney with the U.S.
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92:"Post Judgment Deficiency Motions in Florida"
81:See also Ballentine's Law Dictionary, p. 133.
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20:is an unsecured money judgment against a
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204:or its constituent jurisdictions is a
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208:. You can help Knowledge (XXG) by
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112:. Armstrong Teasdale. 2012-04-23
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59:National Consumer Law Center
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200:This article relating to
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280:United States law stubs
110:The National Law Review
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275:Foreclosure
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141:15 October
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63:NPR
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