What does a deficiency judgement do for foreclosure proceedings?

Asked over 2 years ago - Richland, WA

I know this is one of the first steps in the process, but I'm not sure what it does exactly.


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Attorney answers (2)

  1. Lawrence M Garfinkel

    Contributor Level 10

    5

    Lawyers agree

    Answered . I am not an attorney in WA but typically a deficiency judgment is one of the last steps. If your property is worth less than what you owe then the lender may get a judgment against you for the difference and then use that to pursue either a bank account, your wages, or another property to compensate them for the loss.

    The author of this posting is licensed to practice law in the State of Connecticut. This posting is intended as... more
  2. Shawn B Alexander

    Pro

    Contributor Level 20

    2

    Lawyers agree

    1

    Answered . That judgment only will happen if there is a judicial foreclosure and not in a trustee's sale.
    Good Luck

    Only If and until you and I sign an Agreement for Legal Services, I am not your attorney. These answers are... more

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