What does a deficiency judgement do for foreclosure proceedings?

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

Richland, WA -

Attorney Answers (2)

Lawrence M Garfinkel

Lawrence M Garfinkel

Foreclosure Attorney - Hartford, CT

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
Shawn B Alexander

Shawn B Alexander

Real Estate Attorney - Olga, WA

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

Related Topics

Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

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