What does a deficiency judgement do for foreclosure proceedings?

Attorney answers (2)

1. 

   Lawrence Garfinkel

   Hartford Foreclosure Attorney

   Contributor Level 10

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   Answered April 27, 2012 11:38. 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.

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2. Licensed in WA

   

   Shawn AlexanderPro

   Olga Real Estate Attorney

   Contributor Level 20

   

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   Answered April 27, 2012 14:06. That judgment only will happen if there is a judicial foreclosure and not in a trustee's sale.
   Good Luck

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