What happens after lenders get judgment?

 
Your lender has the right to collect on a deficiency judgment for up to 20 years.  Interest accrues until it is paid in full.  Although most lenders don’t expect a borrower to pay the deficiency judgment amount, they have the means to pursue a borrower through:

• Bank account levy
• Wage garnishment
• Property liens on other property you own

 
Some assets are exempt from judgments such as 401K, IRA, retirement accounts, social security income, unemployment benefits, and workers compensation. 
 
A deficiency judgment will show up on your credit report affecting your score adversely.  If a borrower is insolvent and unable to pay a deficiency judgment, the only way to get rid of a deficiency judgment is to negotiate a settlement for a lesser amount or expunge it in a Chapter 7 bankruptcy.
 

If you need are in danger of foreclosing on your home, please contact us.