If your have lost your home in a foreclosure sale in Burlington County or anywhere in South Jersey, you may be facing a deficiency judgment. Likewise, if you think that you will no longer need to worry about the lender who repossessed your vehicle, you may be surprised with a lawsuit trying to collect more money. When a mortgage company forecloses on a home or a lender repossesses personal property, you may be subject to a deficiency judgment if the creditor does not receive the full payoff when the property is sold. Are You Liable For A Deficiency Judgment? A deficiency judgment is a monetary judgment in favor of a mortgage company or lender who seizes and asset for non-payment and sells the assets at auction but does not receive the full payoff owed on the account. The creditor can ask the court to enter a deficiency judgment in an amount equal to the balance on the loan account after the proceeds of sale are applied to the account. The judgment will accrue interest from the date it
Posted on: Thu, 16 Oct 2014 10:06:43 +0000
Trending Topics
© 2015