Tampa Foreclosures and deficiency judgment explained.

August 15, 2011

When dealing with a Tampa foreclosure or short sale a lot of questions arise and one of them might be “What is a deficiency judgment and how does it impact me?”

Well, 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 non recourse loan, which is largely a matter of state law. In some jurisdictions, first mortgages are non-recourse loans, but second and subsequent ones are recourse loans.

Dealing with foreclosures and short sales can be confusing and overwhelming, so go and see our video about deficiency judgments and how it could impact you.

Share and Enjoy:
  • Facebook
  • Twitter
  • Digg
  • StumbleUpon
  • Tumblr
  • Posterous
  • Yahoo! Buzz
  • Google Bookmarks
  • del.icio.us
  • Google Buzz
  • Technorati
  • RSS
  • Add to favorites
  • Print
  • LinkedIn

Leave a Reply