Prodigy Real Estate - SI NY Real Estate Blog - Deficiency Judgment

Deficiency Judgment in a short sale of a home, how it differs from New York to New Jersey.

Posted by Anthony Licciardello on June 16th, 2023

You can follow these procedures to prevent a deficiency judgment on a short sale of a home here are the differences between New York and New Jersey 

1. Recognize the Deficiency Judgment: When the profits from a short sale are inadequate to pay the outstanding mortgage balance, a deficiency judgment results. The lender has the option to use legal action to try to recoup the unpaid balance. It is essential to understand the deficiency judgment legislation of your state because they can differ

2. Speak with an Attorney: Ask a real estate lawyer with expertise in short sales for guidance. They can assist you understand your options and rights while guiding you through the process. As a way to prevent a deficiency judgment, they might potentially bargain…

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With a recession looming, short sales may be on the rise again. Avoiding a deficiency judgment is a reason to seek one.

Posted by Anthony Licciardello on May 23rd, 2023

You can follow these procedures to prevent a deficiency judgment on a short sale of a home.

1. Recognize the Deficiency Judgment: When the profits from a short sale are inadequate to pay the outstanding mortgage balance, a deficiency judgment results. The lender has the option to use legal action to try to recoup the unpaid balance. It is essential to understand the deficiency judgment legislation of your state because they can differ.

2. Speak with an Attorney: Ask a real estate lawyer with expertise in short sales for guidance. They can assist you understand your options and rights while guiding you through the process. As a way to prevent a deficiency judgment, they might potentially bargain with the lender on your behalf.

3. Interacting…

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