You may not need to file for bankruptcy if you’re facing a mortgage foreclosure. Sometimes debts can take care of themselves. In many states, the mortgage company can’t sue you for the difference between your mortgage and the value of the property. This is called the deficiency. So if you can’t get sued for the [...]
deficiency judgment
Almost all foreclosures these days are brought by the first mortgage or deed of trust. That’s because with plummeting house values, only the first mortgage has a chance of getting some of their money back out of the house. Most seconds are usually unsecured. The normal situation is that the first mortgage on the house [...]
