---

dEFICIENCY JUDGEMENT

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
lisadarmstrong Joined: 22 Jan 2009 Posts: 1 1.29 Dollars($)	Posted: Thu Jan 22, 2009 2:08 pm    Post subject: dEFICIENCY JUDGEMENT Like 0 Dislike 0 my homes was foreclosed on for 195500 which was less that the loan amount. i live in the state of maryland. do i still owe the remaining balance of the original loan?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Thu Jan 22, 2009 8:34 pm    Post subject: Like 0 Dislike 0 Hi lisadarmstrong! Welcome to forums! Deficiency judgments are permitted in Maryland. This means that after foreclosure the deficient amount resulting from the sale of the property is still owed by you to the lender. You will have to pay the deficient amount to the lender otherwise, he may place liens on your other properties or may even garnish your wages. Feel free to ask if you have further queries. Sussane
Lisa Armstrong Guest	Posted: Mon Jan 26, 2009 6:20 am    Post subject: Redemption Period Like 0 Dislike 0 The lender has advised that I still have time to sell the property. Why would I do that if the house has been foreclosed upon.
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Mon Jan 26, 2009 11:58 pm    Post subject: Like 0 Dislike 0 Hey Lisa, I guess, the lender has not foreclosed upon the property yet. You can speak to lender about the options of short sale or deed in lieu and see if you can stop the foreclosure process. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0