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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hi. My forclosed house just sold at the sheriffs sale. The

Resolved Question:

Hi. My forclosed house just sold at the sheriff's sale. The plaintiff had a judgement for the mortgage, and the plaintiff also bought my house for way less than their judgement and appraisal. Is the difference now considered unsecured? Does the plaitiff have to re sue me for the differece now that they bought my house since they have a judgement on a secured loan, or can they just immediately go after my wages? Thanks
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Hello,


Thank you for your question.

In Oklahoma, the lender must file a separate deficiency action within 90 days after the foreclosure sale for the difference between the amount of the debt and the fair market value of the property.


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Customer: replied 6 years ago.

Is the difference now considered an unsecured debt?

 

When you say a "separate deficiency action": Does that mean they have to re sue and get a knew judgement for what's now an unsecured debt?

 

Thanks

 

 

Expert:  Ellen replied 6 years ago.

Is the difference now considered an unsecured debt?

yes.

 

 

When you say a "separate deficiency action": Does that mean they have to re sue and get a knew judgement for what's now an unsecured debt?

Yes.

 

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