One of the reasons homeowners is anxious of being sued by their bank for a deficiency judgment after facing foreclosure is that almost any lawyer they contact will bring up this possibility. Some attorneys may even use the threat of added legal action after foreclosure as a reason to file bankruptcy in advance or else [...]

If you’re thinking if a borrower can still owe money to their bank even after they lose their home in a foreclosure or short sale, the answer is Yes. You can still apply for a mortgage even after surrendering your house to the bank. We are all aware that the year 2008 has been a [...]

One of the reasons homeowners is anxious of being sued by their bank for a deficiency judgment after facing foreclosure is that almost any lawyer they contact will bring up this possibility. Some attorneys may even use the threat of added legal action after foreclosure as a reason to file bankruptcy in advance or else [...]

If you’re thinking if a borrower can still owe money to their bank even after they lose their home in a foreclosure or short sale, the answer is Yes. You can still apply for a mortgage even after surrendering your house to the bank. We are all aware that the year 2008 has been a [...]

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 [...]