Business Week reports that lenders are stepping up their efforts to collect on deficiency judgments of mortgage defaulters. The article reports that banks are seeking deficiency judgments in both short sale and foreclosure scenarios. This stepped up approach by lenders has come as a major surprise to many who have completed a recent short sale transaction.

In the state of Florida, banks have five years to file the deficiency judgment and then 20 years to collect it.  To get paid, banks can seize wages and bank accounts and also put liens on other assets.

Tagged with:
 

One Response to Lenders Pursuing Deficiency Judgments

  1. CNN Money reports on the growing number of deficiency judgments being pursued by lenders

Looking for something?

Use the form below to search the site:


Still not finding what you're looking for? Drop a comment on a post or contact us so we can take care of it!

Visit our friends!

A few highly recommended friends...