The debt will most likely be considered as a marital debt if the house is a marital asset. A deficiency judgment is a marital debt if it develops from the short sale of a marital residence before going to a divorce. Only one party will going to own the house as soon as the divorce [...]

Mortgage deficiencies are experienced by some homeowners when they go through a short sale or foreclosure of their property. This refers to the difference between the amount that the house was sold for and what you owe the bank. In such cases like you owe your lender for a home that you no longer own, [...]

Senator Ducheny proposed the Senate Bill 931 which prohibits a deficiency judgment under a note secured by a first deed of trust where the trustor sells the dwelling for less than the remaining amount of indebtedness with the written consent of the first deed of trust holder. The written consent is considered to be an [...]

Are you confused about whether a short sale or foreclosure is better? If so, you’re not alone. As people across the country find themselves unable to keep up with their mortgage payments, many are looking into short sale options. Bank foreclosures and the housing market is the topic on the mind of most now. People [...]

By PETER S. GOODMANNew York TimesThis week, the Obama administration summoned mortgage company executives to Washington to demand they move faster to lower payments for homeowners sliding toward foreclosure. Treasury officials called on the companies to hire and train more people quickly to field applications for relief. But industry insiders and legal experts say the [...]