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Old 06-11-2012, 07:58 AM
 
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Does anyone here know of someone being sued by the bank?

Deficiency Judgement = Difference btwn loan balance and price received at foreclosure sale or short sale.
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Old 06-11-2012, 08:12 AM
 
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Banks don't have the resources to pursue most deficiency judgements.

My understanding is that the lenders are selling the deficiency judgments to debt collectors for pennies on the dollar.

These are the same debt collectors that will hound you to death on the phone.
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Old 06-11-2012, 08:26 AM
 
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Quote:
Originally Posted by lorilove View Post
Banks don't have the resources to pursue most deficiency judgements.

My understanding is that the lenders are selling the deficiency judgments to debt collectors for pennies on the dollar.

These are the same debt collectors that will hound you to death on the phone.
They have to file for these with 30 days of foreclosure sale. So the banks are going through that process only to sell it for pennies on the dollar?
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Old 06-11-2012, 08:46 AM
 
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I guess so - I have a friend that is a long time banker and now a mortgage consultant in his semi-retirement. He was the one that told me this was a big issue on the horizon but my information could be dated as I have not talked with him for quite some time.
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Old 06-11-2012, 03:47 PM
 
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I used to work for HSBC and we definitely went after the deficiency judgement but that was years ago. It may have changed.
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Old 06-11-2012, 04:28 PM
 
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I would think that most of the time it's hard to collect from folks who went into default, although maybe there are people who have the money but just stiff the lender.
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