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 What is a deficiency judgment?

Once a lender is awarded a deficiency judgment, they are well aware that the debtor/former homeowner is unlikely to “fork over” the money for this.  Like most judgments, creditors what is owed by three means:
  • Bank levy – suck it right out of your bank account
  • Wage garnishment – collect it from your paycheck
  • Lien property – place a judgment lien on property, so when it sells, there’s a possibility of getting paid
 
Deficiency judgments can be collected for up to 20 years and will accrue interest until paid off.
 
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If you have any other questions about deficiency judgments, please contact us.

 



 



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