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That means mortgage companies have recourse; they can recover the deficiency from the homeowner, even after the house is lost to foreclosure sale. illinois is also a judicial foreclosure state. That means mortgage companies must go to court, receive a judgment, and hold an auction in order to foreclose on a homeowner’s property.
This article explains the ways a mortgage lender can collect a deficiency judgment. (Learn more about deficiency judgments after foreclosure.) Judgment Liens. The mortgage lender can get a judgment lien against your personal property and other real estate that you own within the county, giving it a security interest in that property. This means the bank can foreclose on that other real estate-it might do this if you have equity and the bank thinks it’ll get enough money to make the effort.
Louisiana Law review volume 69|number 4 summer 2009 Deficiency Judgments: A louisiana overview michael H. Rubin Jamie D. Seymour This Article is brought to you for free and open access by the Law Reviews and Journals at LSU Law Digital Commons.
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Deficiency Judgment. By Investopedia Staff. A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in full. It is mostly a lien placed on the debtor for further money.
A deficiency judgment is a judgment against Barry’s estate for the difference between what the lender is able to unload the home for after its foreclosure and the sum of the outstanding debt, accumulated interest, attorneys fees and costs of the transaction.
Deficiency Judgment. An assessment of personal liability against a mortgagor, a person who pledges title to property to secure a debt, for the unpaid balance of the mortgage debt when the proceeds of a foreclosure sale are insufficient to satisfy the debt.