---

Foreclosure

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Guest	Posted: Mon Feb 08, 2010 3:55 pm    Post subject: Foreclosure Like 0 Dislike 0 I have foreclosed the property in Nevada. I have a PMI from the bank. What is the probility of PMI compnay going fro deficency judgement? How will I come to know about the proceedings?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Feb 09, 2010 1:08 am    Post subject: Like 0 Dislike 0 Hi Guest, When you default on the loan and the property is sold at an auction for less than what is owed, the lender will suffer a loss. The lender will be protected from the loss due to the mortgage insurance, but only up to a certain limit. The lender will come after you to recover the rest of their loss and they can get a deficiency judgment against you. But if there are anti-deficiency laws in your state and you used the home as your primary residence, you could avoid the judgment.
Lydia Guest	Posted: Tue Feb 09, 2010 2:32 am    Post subject: deficiency judgment Like 0 Dislike 0 Hi guest, Yes, the company can go for a deficiency judgment as in Nevada obtaining a deficiency judgment is allowed. However the deficiency judgment should be brought within 90 days of the foreclosure sale. However whether or not the bank is going to obtain the judgment depends totally on the bank itself. Some banks do go for the judgment, some don't. If a judgment is obtained you may have to pay the deficit amount and also the tax on the amount reported about.

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