When Can A Lender Obtain A Deficiency Judgment Against A Borrower In Florida? Florida allows deficiency judgments: If the borrower was personally served with a foreclosure complaint, deficiency judgments may be obtained by the lender. The lender also has the option to file a separate lawsuit for deficiency, unless the court says otherwise. When can
What Are The Tax Implications Of A Deed In Lieu? If your lender agrees to a short sale or to accept a deed in lieu of foreclosure, you might owe federal income tax on any forgiven deficiency. The IRS learns of the deficiency when the lender sends it a Form 1099-C, which reports the forgiven
Can A Loan Modification Stop Foreclosure? Can a loan modification stop foreclosure? Can a loan modification stop foreclosure? Yes, but you must submit your application to the lender at least 45 days before the scheduled foreclosure sale of your home. Additionally, your lender must approve the new terms of the contract, and you can’t miss
Can You Take Over Payments On A Foreclosed Home? Can you take over payments on a foreclosed home? This can be done by paying the full amount owed, or reinstating the loan. You can also reach an agreement to set up a repayment plan with the lender, or loan modification, that will give you more
Can You Stop A Foreclosure Once Sale Date Is Set? Can you stop a foreclosure once sale date is set? The foreclosure can be stopped even on the day the property is intended to be sold. Until the property has been sold at auction, a homeowner can stop a foreclosure. The lender will typically take
Do I Still Owe Money After Foreclosure? Do I still owe money after foreclosure? Many homeowners who go through foreclosure are surprised to learn that they still owe money on their house, even though they no longer own it! Most mortgage lenders require borrowers to personally guarantee the amount of the note, leaving the lender
Do You Pay The Remaining Balance On A Foreclosed Home? Do you pay the remaining balance on a foreclosed home? The bank can still collect the remaining loan balance unpaid by the house sale. The remaining balance on a mortgage after the collateral sale (the home) is called a deficiency balance. The amount frequently exceeds
Does Nevada Have A Redemption Period? Does Nevada have a redemption period? Does Nevada Law Allow for a Redemption Period After a Foreclosure? Nevada law allows for both judicial and non judicial foreclosures. If a lender pursues a foreclosure through the judicial system then the owner has a 1 year right of redemption following the
Does A Redemption Period Apply In Ohio? Does a redemption period apply in Ohio? Yes, an Ohio borrower may redeem a foreclosed property during the time period between the foreclosure sale and when that foreclosure sale is confirmed by the court. The borrower must pay the outstanding balance of the loan plus any fees and
Does Foreclosure Ruin Your Life? Does foreclosure ruin your life? All lenders will charge you a higher interest rate and impose tougher terms if you have any “mortgage lates” on your credit report. Late mortgage payments will be reflected on your credit report for seven years, but the negative impact on your FICO score will