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Foreclosing and Deficiency Judgment

By
Real Estate Agent

Roswell - PalmerHouse Properties

 

Are you one of the many homeowners struggling to make your mortgage payment and not sure what to do? Thinking of walking away, foreclosing or giving the keys back to the bank. Make sure you understand that once the bank takes back the property and sells it they will file a deficiency judgment for the difference of what you owe on it and the amount they sell it. Lets say you owe $200,000.00 and the property is sold for $160,000.00 the bank will file a deficiency judgment for $40,000.00 and any legal expenses. They will come after your to recover this amount.

Take the time to understand all your options. You may qualify for a loan modification or a Short Sale. Even if your are behind with your mortgage you may still be able to pursue these options. The banks want to work with you to Short Sell your home. You need a Realtor that is up to date and is a Certified Distressed Property Expert (CDPE) to work with you and have all the information to Short Sell your home.

If you or anyone you know is struggling to make your mortgage payment, don't delay in contacting me today. Just think, you can short sell your home and start over without any further obligation. You may even be able to buy a new home within 3 short years.

 

Roswell - PalmerHouse Properties

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