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How likely is it that my mortgage company pursues deficiency judgement?

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richardwallace87 Joined: 03 Sep 2007 Posts: 2 1.71 Dollars($)	Posted: Sat Aug 06, 2011 3:29 pm    Post subject: How likely is it that my mortgage company pursues deficiency Like 0 Dislike 0 Hi, I am falling behind on my mortgage in Indiana. My small S corp isnt doing well,its become impossible to maintain payment.What is likely to happen when they sale home and I owe money after. Can they come after business I am envolved in? Will I be able to set up affordable payments? I have a second mortgage that I plan on paying through business,will they be ok with that if house is foreclosed? Its overwhelming,any advise would be awesome!!! My wife is not on mortgage note. Thank you
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Aug 07, 2011 9:58 pm    Post subject: Like 0 Dislike 0 Welcome richardwallace, You can set up an affordable repayment plan with them and try to pay off the debts. This will help you in saving your business as well as paying off your debts. As far as your second mortgage is concerned, you will have to set up a repayment plan with them even in order to pay off the debts. _________________ Procrastination is the enemy of your financial success
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Mon Aug 08, 2011 10:53 am    Post subject: Like 0 Dislike 0 If you live in a deficiency judgement state, then the lender can come after you and any real property you own. States like Florida can come after you for up to 20 years. Your best bet is to talk with your lender, and try to do a short sale or a deed in lieu. Once you have the lenders approval, you will know if they plan on hitting you with a deficiency. Good luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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