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Negotiated Payback or Foreclosure Judgment Deficiency? Compared
I was negotiating on a very large problem mortgage today with a high-up executive at the servicing firm.  He made a comment that I thought peculiar and I called him to task on the matter.
The comment was that "after the foreclosure sale, lenders seldom bother to get a court ordered deficiency judgment".  I knew this to be false, because lenders today - more than in the past - are investing a few hundred more in attorney fees to get a deficiency judgment.  I will tell you why.
But first, lets all get on the same page.  A deficiency judgment is obtained when a property is foreclosed and sold (usually at the courthouse by the clerk of the court) to the highest bidder.  In most states a "deficiency" judgment can be obtained for the difference between the high bid and the higher foreclosure judgment amount.  Usually the court determines which value is higher, the high bid or the appraised value of the property on the date of the public sale, and the higher of the two is taken to determine the difference from the judgment amount, and this difference is the deficiency judgment.
Ok, back to the discussion.  Deficiency judgments are ... more

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