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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Spectre of a deficiency judgment. Posted by Ward-CA- on March 14, 2002 at 3:48 PM In Reply to: foreclosure posted by mk on March 14, 2002 at 8:45 AM : i lost my home in a foreclosure in illinois my question is this can the company i had a second mortgage thru come after me for the money if i no longer own the home? =•=•=•=•=•=•=•=•=•=•= MK, if the foreclosing 2nd wasn’t fully paid off after the final disposition of your property then the lender may, if they want to, pursue a lawsuit against you for the amount of the deficiency. But many lenders, sensing that they’d be throwing away good money to go after a speculative judgment decide to let sleeping dogs lie. If I had to guess, I would bet that lenders don’t go after more than 10% of the people owing them a deficiency. So rest easy, the odds are HIGH that the auction is the end of your debt to your old lender. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : i lost my home in a foreclosure in illinois my question is this can the company i had a second mortgage thru come after me for the money if i no longer own the home? : =•=•=•=•=•=•=•=•=•=•= : MK, if the foreclosing 2nd wasn’t fully paid off after the final disposition of your property then the lender may, if they want to, pursue a lawsuit against you for the amount of the deficiency. But many lenders, sensing that they’d be throwing away good money to go after a speculative judgment decide to let sleeping dogs lie. If I had to guess, I would bet that lenders don’t go after more than 10% of the people owing them a deficiency. So rest easy, the odds are HIGH that the auction is the end of your debt to your old lender. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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