AOL

What is a deficiency judgment?

What is a deficiency judgment in real estate? In foreclosure cases, a deficiency judgment is a court order allowing a lender to collect the remaining mortgage balance when the proceeds from the sale ...
JD Supra

Court Confirms Junior Lien Creditor’s Right to Enforce Deficiency Judgment Act Against Senior Creditor Who Fails to File Petition to Fix Fair Market Value

In a February 11, 2022 Order, the Court of Common Pleas of Washington County granted a Petition to Compel Satisfaction of Liens under the Deficiency Judgment Act (“DJA”) filed by a junior judgment ...
JD Supra

Appellate Court of Maryland Holds That “Loss Before Foreclosure Rule” Applies to Non-Recourse Reverse Mortgages

The “loss before foreclosure rule” provided for in the Restatement (Third) of Property (Mortgages) §4.8 specifies that when improvements on secured property are destroyed by fire and the loan is due ...
Law

Four Pillars of Remedies for the Mortgage Loan in Default

Expert Opinion Real Estate Four Pillars of Remedies for the Mortgage Loan in Default Under New York law, lenders can accelerate the debt, foreclose on the property, appoint a receiver to manage it, ...
Reuters

Corrected - Americans face post-foreclosure hell as wages garnished, assets seized

NEW YORK (Reuters) - (In Oct 14 story, corrects paragraph 28 to show financial institutions in Maryland have 27 years, not 36, to collect deficiency judgments) Many thousands of Americans who lost ...
The Real Deal

Judge reverses $10M personal judgment against downtown Poetry Garage’s former owners

The previous owners of a downtown Chicago parking garage were cleared of paying nearly $10 million tied to a foreclosure, after a Cook County judge eliminated a previous deficiency judgment against ...