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Guest

Hi,
Can you tell me what the deficiency law is in new jersey? How are those laws affected by either foreclosure of deed-in lieu of foreclosure in nj? And does one have a lessened negative impact?
Thanks

smithsussane · Posted: Fri Dec 19, 2008 10:58 pm Post subject:

Hi NJ!

Welcome to forums!

Deficiency judgments are allowed in New Jersey, but they are restricted. The lender may sue the borrower for a deficiency judgment within three months of the sale date, or the date of court’s verification of the sale. The owner in default has the right to redeem the property and/or object to the sale for 10 days after the date of sale. A deficiency judgment in New Jersey gives the borrower the right to bring an action to buy back the property within six months of the date the deficiency judgment.

Feel free to ask if you have further queries.

Sussane

Guest

my second home foreclosed in nj in early 2008. the bank bought it back. they were able to sell it for 288k and i owed 320k. the second mortgage was with hsbc. it was an 80/20 loan that i bought the house with. my credit report say 66k was written off as bad debt by hsbc. i was being called by 3rd party collection agencies but i wrote a letter and they stopped.
now its 2009 and i have not received a 1099c. will i get one. hsbc does not have my account on file so i can't speak with someone and the automated system hangs up on me.
when i bought the house it was a primary residence so do you think they even issued me one? how do i file?

adonis · Posted: Sun Feb 15, 2009 11:51 pm Post subject:

Welcome nohsbc,

As HSBC has sold your debts to the collection agency, I don't think you will receive 1099 c form. This form is issued when mortgage debts of the borrowers are forgiven and your debt was not forgiven by the bank.

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Deficiency laws in NJ & Forclosure