subject: Getting The Help That You Need With Your Foreclosure Deficiency Judgment [print this page] When a foreclosure deficiency judgment is handed to most home owners, who are already facing foreclosure, it can cause extreme distress. This can normally be due to a lack of education on the part of the homeowner. Do realize that it is very important that if you are a homeowner who has recently received a foreclosure deficiency judgment, that you seek immediate assistance to fully understand exactly what your specific deficiency judgment entails, after all no two judgment deficiencies are the same.
The basics of a foreclosure deficiency judgment are simple. They are basically when a homeowner takes out a loan, or a mortgage, against or for their home; and then it falls delinquent for a period of time normally due to late or missed payments, in which case it is possible that legal action can be used by the lender to seize the property in order to sell it to receive a return of their loan. The objective of the lender is to take the property and to attempt to pay back the loan in full. However, it is very possible that the total value of the home after the sale still does not cover the outstanding loan or mortgage that is still owed. Therefore, the lender may still be owed a large sum of money. This is normally where a deficiency judgment comes into play. This type of foreclosure deficiency judgment is put into place to allow the lender to seek out the remaining balance directly from the foreclosed homeowner, despite the house having already been foreclosed upon.
When most homeowners face foreclosure, they realistically dont have the capital needed in order to pay off a deficiency judgment. However, there are many options available to individual homeowners who may be facing a deficiency judgment. For example, many homeowners are permitted to file bankruptcy when they are faced with such a judgment, while others will agree to new terms with the lender in order to rectify the situation to a more desirable outcome.
If you are facing such a judgment you need to be aware that you have options! That is why it is of the utmost importance that you immediately seek out legal representation, or turn to the various services of Judgment deficiency. They can assist you in determining the extent of your judgment, and can provide you with a means to escape and free yourself from the burden of such a costly judgment.
You do have options to turn to instead of being forced to pay the total amount back. It is important to realize that this can happen even if you are incapable of doing so, and therefore it could ultimately lead to much more drastic legal consequences. It is for these reasons that you should seek out the advice and services of Judgment Deficiency in order to fully understand your options and in order to find a quick and effective relief from your judgment.
