Deficiency Judgments

A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property. For example, if $100,000 was owed on a property prior to foreclosure and a mortgage company sold the property for $70,000 at foreclosure, a deficiency of $30,000 would exist. Some states allow for a lender to sue and attempt to obtain a judgment for the deficiency. The articles below show which states restrict or limit deficiency judgments and which do not.

North Carolina Deficiency Judgment Law

A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount still owed on the loan after the foreclosure. North Carolina has the following restrictions on obtaining a deficiency judgment: For […]

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Michigan Deficiency Judgment Law

A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount still owed on the loan after the foreclosure. Michigan has the following restrictions on obtaining a deficiency judgment: A deficiency […]

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Ohio Deficiency Judgment Law

A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount still owed on the loan after the foreclosure. Ohio has the following restrictions on obtaining a deficiency judgment: A creditor […]

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Pennsylvania Deficiency Judgment Law

A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount still owed on the loan after the foreclosure. Pennsylvania has the following restrictions on obtaining a deficiency judgment: A separate […]

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Illinois Deficiency Judgment Law

Illinois is exclusively a judicial foreclosure state.  A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount still owed on the loan after the foreclosure.  A deficiency judgment is obtainable […]

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Washington Deficiency Judgment Law

Foreclosures in Washington can be conducted by judicially and non-judicially, but the most common method is a non-judicial foreclosure pursuant to a deed of trust.   A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment […]

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Texas Deficiency Judgment Law

Foreclosures in Texas are conducted almost exclusively by non-judicial foreclosure, although some foreclosures (such as home equity loans) as required to be conducted by judicial foreclosure.  A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and […]

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New York Deficiency Judgment Law

Foreclosures in New York are now conducted exclusively by judicial foreclosure.  A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount still owed on the loan after the foreclosure.  New York […]

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New Jersey Deficiency Judgment Law

Foreclosures in New Jersey are conducted almost exclusively by judicial foreclosure.  A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount still owed on the loan after the foreclosure.  New […]

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Georgia Deficiency Judgment Law

Foreclosures in Georgia can be conducted both judicially and non-judicially.  Non-judicial foreclosure is the most common type of foreclosure in Georgia.  A deficiency is created when a lender forecloses on a property and receives less than what was owed on the property.  A deficiency judgment is created when a lender sues and gets a judgment on the amount […]

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