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Q. What exactly does a deficiency waiver mean? A.A waiver of deficiency means that the mortgage company has agreed not to sue you for the unpaid balance that may remain after the home is sold (whether via a foreclosure sale, short sale or deed in lieu of foreclosure).
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A deficiency judgment refers to a mortgage lender’s judgment against the borrower for the difference between the outstanding balance of the mortgage note, plus costs and attorneys fees, and the value of the property foreclosed. For purposes of calculating the amount of deficiency liability, the foreclosed property "value" is the fair market value on the date of the foreclosure sale auction.
Another case where a lender is barred from pursuing a deficiency judgment is if the mortgage is a nonrecourse loan. A nonrecourse loan states that the lender’s only remedy for default is to.
A deficiency judgment is levied against an individual who has gone into foreclosure and still owes money on his mortgage. If the house is sold and there is still a balance left over, the lender could potentially sue the homeowner for the extra money. If the judgement is successful, the individual will have to come up with the additional money to pay the lender.
Deficiency Judgments. A deficiency is the difference between the principal balance due and the amount received, providing the amount received is less than the amount owed. Whether the bank can pursue a deficiency judgment after a foreclosure or short sale depends in part on whether the promissory note makes the seller personally liable for the debt.
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law.