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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Slim likelihood of a post-sale deficiency action Posted by Ward-CA- on October 23, 2001 at 11:26 PM In Reply to: foreclosure of timeshare posted by bud on October 23, 2001 at 10:17 AM : I was stuck with a timeshare in Florida thru a divorce,and cannot afford to pay on it any longer.I cannot sell it because the money I would need to make up the difference between what I still owe and probable selling price is not available.(I did have it for sale for a year thru Century 21,and did not get a single offer)I have researched a little about foreclosure and know there would be a deficiency judgment against it.My question is just what can they do to try and collect this judgment? I live in Pennsylvania and had to re-finance my mortgage here to pay off my x-wife.It is equal to value of the house now.The credit thing is not an issue with me.Would appreciate any help you can offer.Thanks =•=•=•=•=•=•=•=•=•=•=•= Bud, just because a lender has the right to pursue a deficiency judgment, after a foreclosure sale that results in a less than a full collection of mortgage money due, that doesn’t mean that they will exercise that prerogative. Most of the time the lender won’t seek a deficiency judgment because of the extra hassle and legal fees involved, with no clear cut evidence that the foreclosed owner has the slightest ability or wherewithal to pay it anyway. So please don’t worry about it, since the odds are so slim that they’d spend more money on an already unrewarding foreclosure. Follow Ups: Re: Slim likelihood of a post-sale deficiency action Don 2:47 PM, 08/29/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I was stuck with a timeshare in Florida thru a divorce,and cannot afford to pay on it any longer.I cannot sell it because the money I would need to make up the difference between what I still owe and probable selling price is not available.(I did have it for sale for a year thru Century 21,and did not get a single offer)I have researched a little about foreclosure and know there would be a deficiency judgment against it.My question is just what can they do to try and collect this judgment? I live in Pennsylvania and had to re-finance my mortgage here to pay off my x-wife.It is equal to value of the house now.The credit thing is not an issue with me.Would appreciate any help you can offer.Thanks : =•=•=•=•=•=•=•=•=•=•=•= : Bud, just because a lender has the right to pursue a deficiency judgment, after a foreclosure sale that results in a less than a full collection of mortgage money due, that doesn’t mean that they will exercise that prerogative. : Most of the time the lender won’t seek a deficiency judgment because of the extra hassle and legal fees involved, with no clear cut evidence that the foreclosed owner has the slightest ability or wherewithal to pay it anyway. : So please don’t worry about it, since the odds are so slim that they’d spend more money on an already unrewarding foreclosure. 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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