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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 23971
Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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What does deficiency judgement waived mean. I'm going to court

Customer Question

What does deficiency judgement waived mean. I'm going to court regarding a foreclosure
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.
Good morning. I certainly understand the situation and your concern. A deficiency is when the home is sold for less then what is owed and there is a balance due. When that happens, a lender can go after a borrower for the difference. Based upon what you shared above, it appears that the lender will agree to not go after you for any money that may be owed after the home is foreclosed on and sold, if you consent to the foreclosure and do not contest it.
Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.
Expert:  RealEstateAnswer replied 1 year ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!