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BANKS BEGIN TO GO AFTER DEFICIENCY JUDGMENTS - FANNIE MAE POINTS THE WAY
Earlier this week I wrote about lenders taking the next step after a foreclosure. Foreclosures happen from borrowers that "walk away" from their upside down valued properties, whether because of job loss, other expenses more important than the mortgage payment, or just a strategic default. You can find the other article at MOTION FOR DEFICIENCY JUDGMENT - FORECLOSURE CONSEQUENCES.
An alarming event occured after I wrote that article. In the past, there has been a pretty heated argument about whether the mortgage lenders are going to move on their ability to pursue deficiency judgments in foreclosure actions. Many people say that it won't happen. I even gave a seminar on foreclosures with a Florida judge that the judge said that she did not seen any deficiency judgment requests.
In the earlier article I showed a Motion for Deficiency Judgment from First Bank. First Bank is big in Colorado and was a national lender, but it is not as big as the lender that filed the latest deficiency judgment that came into my office - Wells Fargo.
Now some explanation - Wells Fargo is not the owner of the note in this most recent deficiency judgment case - it is FANNIE MAE.
Fannie ... more
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