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I need info on deficiency judgment

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linda_timmons01 Joined: 14 Jun 2010 Posts: 1 1.30 Dollars($)	Posted: Mon Jun 14, 2010 9:13 pm    Post subject: I need info on deficiency judgment Like 0 Dislike 0 I have been foreclosed on in Fl but I live in MS.The lender paid $100.00 for the property Will I receive a letter if the lender applies for and receives a deficiency judgment? How long does the lender have to file for the Deficiency judgment. I also have a 2nd loan (HELOC) on the property. How does that work? Will I have another foreclosure on my credit report? Thanks for your help.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jun 14, 2010 11:54 pm    Post subject: Like 0 Dislike 0 Hi linda! Welcome to forums! The lender has the rights to sue you for the deficient amount. If you are unable to pay off the dues, then the lender may charge off the account to a collection agency. As far as I know, the time limit within which your lender can file deficiency is 5 years. If the foreclosure sale does not satisfy your second mortgage dues, then the second mortgage lender will come after you for the balance amount. However, your credit report will mention one foreclosure. Feel free to ask if you've further queries. Sussane

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