Posted: Thu Jan 22, 2009 2:08 pm Post subject: dEFICIENCY JUDGEMENT
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?
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
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.
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 sucess
lisadarmstrong
