lefsschu
Guest
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 Posted: Thu Feb 19, 2009 9:28 am Post subject: MN Deficiency Judgements |
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If my home foreclosed and my lender bought it back for $105,000, with a balance of $149,000 owed, but the fair market value for that home is $115,000, what amount am I liable for if my lender files a deficiency judgement?
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 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Thu Feb 19, 2009 9:59 pm Post subject: |
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Hi lefsschu,
Deficiency judgments are permitted in Minnesota. After the foreclosure sale, the lender can claim the deficient amount from you. If you are unable to pay this amount, the lender may place lien on your other properties or he can even garnish your wages. However, you should note that the deficiency judgments are limited to fair market value of the property less the unpaid loan balance.
Thanks |
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