Re: for the lady in red and others who have foreclosure experience

Posted by LadynRed (199.91.33.254) on July 02, 2004 at 15:00:22:

In Reply to: for the lady in red and others who have foreclosure experience posted by concerned citizen on July 01, 2004 at 19:19:50:

Unless I'm misunderstanding something, forclosure is not a lawsuit and neither is the deficiency. Forclosure is an action by the bank, not the courts, at least not like a regular lawsuit.

In most mortgage loans, the right to go after any deficiency isn't a lawsuit, its in your terms. In my case the lender actually waived their right to deficiency up front. In my case, there was actually a small SURPLUS after the sale. Once the sale is complete and there is a deficiency, THEN they can sue you at some point to make you pay it, there's nothing automatic about it. They will try to get you to pay it voluntarily for a while - usually. Its been 2-1/2 years since my trip thru this wringer and the 2nd mortgage lender hasn't sued - yet. So, depending on your financial status, your job, assets, etc., you may not be sued for a while either, but there's no way to predict that.

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