September 15, 2014

How To Avoid Deficiency Judgments After Foreclosure, Deed in Lieu or Short Sale

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As terrible as it may seem to lose your home through a foreclosure, most people believe that after the foreclosure, their biggest financial headache is behind them. However, former homeowners may still be on the hook if there’s a difference between what they owed on the mortgage and what the bank sold the house at the foreclosure auction. This is called a “deficiency judgment.”