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Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios
Basic Primer - the Mechanics of a Mortgage Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios-
We get so many questions about having a "deficiency judgment" entered and how it differs from other possibilities in a deed in lieu of foreclosure or short sale, that a refresher article seems appropriate for Activerain.  If you are unsure of what a Short Sale is, then first read the Back to Basics - a Review on Short Sales .
This article is written based on Florida law, but most state laws are similar.  Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.
The Law of a Mortgage Foreclosure:
A mortgage foreclosure (some incorrectly call it a "Lis Pendens") is filed by the lender when the Promissory Note that is secured with a Mortgage on some real estate (usually the home) has not been paid on time (the "default"). 
Let me clarify an important issue that will have meaning later.  A "Mortgage" is NOT the obligation to pay the bank.  ... more

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