deficiency judgements - whats happens? does anyone know?

[sadandconfus]

If a person gets a deficiency what happens?
Does the court notify them that they have to pay?
Do you have to pay in one lumpsum or can payments be made monthly?
Can the deficiency be negotiated?
Can a settlement offer be made on the deficiency?
What happens if a person has more than one mortgage?

IF you can not file bk7 now for some reasons.
you then pay monthly on the deficiency can you later file bk chapter 7 and wipe that out?

I've seen ads that some lawyers can help negotiate the reduction of these deficiency judgements.


Can someone perhaps make a sticky?

[AngelinaCatHub]

Unless you have read all the "stickies" no one will make one for you.

A deficiency Judgment is a Judgment, only. It means, you owe more than they sold an item for. You must give a bit of information as to what you are referring to.

A Judgment is not a collection action. It means the Court says you owe the money. It is up to the owner of the Judgment to attempt to collect.

There are certain things he cannot collect against. Social Security, any annuities or insurances, Unemployment, and other items.

Without more info, I can't help you. What is this panic about?

Now here is how they can address your property, they can get a "writ". that is a bonded and paid to levy upon things. Your car, (exempt to 1K) your bank account, they can garnish wages.

Please clear up with more info. 'Hub

[sadandconfus]

thanks for the reply. i am referring to a deficiency judgement after they foreclose on my house. I have filed bk7 and have been discharged. my coborrower has not filed. they can not file because in maryland their is no homestead exemption and they have a paid off home. Which they are afraid of losing if they file bankruptcy. they have social security income only. that is why i'm inquiring about the deficiency judgement they may or may not get from my foreclosure. any ideas?

[AngelinaCatHub]

thanks for the reply. i am referring to a deficiency judgement after they foreclose on my house. I have filed bk7 and have been discharged. my coborrower has not filed. they can not file because in maryland their is no homestead exemption and they have a paid off home. Which they are afraid of losing if they file bankruptcy. they have social security income only. that is why i'm inquiring about the deficiency judgement they may or may not get from my foreclosure. any ideas?

You, my dear, have no worry. The other person does. If they own a home, and it is not a homestead state, they need to see a lawyer.

It is like this: I was a fool who cosigned for this jerk. Since I had the credit rating, and was fool enough to do this favor, he stopped paying. I took the car and parked it. I bked, and I got discharged, he got a default Judgment. Albeit in his case, noncollectable, but in your case if your state allows it, your friends house may be in jeopardy. I don't know your state or it's laws. They do need to address this, however. 'Hub