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What does deficiency judgement waived mean. I'm going to court…

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What does deficiency judgement waived...
What does deficiency judgement waived mean. I'm going to court regarding a foreclosure
Submitted: 3 years ago.Category: Real Estate Law
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5/20/2015
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 3 years ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,853
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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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.
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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 3 years 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!
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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