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:
Deficiency judgments can be collected for up to 20 years and will accrue interest until paid off.
If you have any other questions about deficiency judgments, please contact us.
- 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.
If you have any other questions about deficiency judgments, please contact us.
