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Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments

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Is my social security and pension exempt from debt collectors garnishing?. I have never seen an involuntary foreclosure for a debt this size with a judgment. But I deal with banks and debt collection companies, not neighbor and property disputes.. It leaves me with little money to pay even.

The borrower was Codi Investments LLC, which intended to use the money. foreclosure sale) problem as well as restrictions on the amount of the deficiency judgment it could collect under a new.

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Knowing whether your money is safe after foreclosure.. Credit unions do not have to follow the judgment process and can take money directly. Military and debt collectors; Risky ways to pay.

A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collection. But if the property does not sell at a price that’s high enough to satisfy the debt, you may still owe money.

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Auditor’s Report. State law allows the lender to pursue the deficiency either by filing a motion in the foreclosure case or by filing a separate lawsuit. The state also permits deficiency judgments after a short sale, in which the homeowner sells the property for less than the mortgage amount.

Once you win a judgment for money owed, South Carolina law allows the court to place a lien on any real estate the defendant — who is the judgment debtor — owns in the county where the court is located. This happens automatically and the lien stays in effect for 10 years, starting from the date of the judgment.

Deficiency Judgment. If the highest bid at the foreclosure sale is less than what you owe on the mortgage, the bank can ask the judge for a Deficiency Judgment against you. A Deficiency Judgment is a court order saying that you owe the amount that the bank did not get from the sale of your property.

"In December 2008, we made the hard decision to stop paying our mortgage and let our home go into foreclosure," says Zortman. "Our only thought was that money didn’t. much more aggressive on.

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