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Deficiency Judgments After Foreclosure
When a property is sold at a foreclosure sale, the total amount that the borrower owes to the bank sometimes exceeds the foreclosure sale price. The borrower’s total debt minus the sale price is called a "deficiency." In some states, the foreclosing bank can ask a court for a personal judgment—called a “deficiency judgment”—against the borrower for the amount of the deficiency. Below, you can find out if deficiency judgments are allowed in your state.
Connecticut Deficiency Judgment Laws
Connecticut, unfortunately, doesn't have an anti-deficiency law. ... READ MORE
What Are West Virginia's Deficiency Judgment Laws?
If the proceeds from a foreclosure sale don't pay off your mortgage debt, the bank may sue you for the "deficiency." ... READ MORE
What Are Louisiana's Deficiency Judgment Laws?
If you, a Louisiana homeowner, go through foreclosure, but the sale price is not enough to pay off the balance of your mortgage debt, your bank can come after you for the "deficiency." ... READ MORE
What Are Tennessee's Deficiency Judgment Laws?
Learn about deficiency judgments after a Tennessee foreclosure. ... READ MORE
What Are Minnesota's Deficiency Judgment Laws?
Learn how foreclosures in Minnesota work, and whether a bank can get a deficiency judgment after a foreclosure in Minnesota. ... READ MORE
What Are Oklahoma's Deficiency Judgment Laws?
If a foreclosure in Oklahoma results in a deficiency, in most cases, the bank can seek a deficiency judgment against the borrower. ... READ MORE
Wisconsin Deficiency Judgment Laws
In Wisconsin, a foreclosing bank can ask the court for a deficiency judgment—but it has a good reason not to do so. ... READ MORE
Indiana Deficiency Judgment Laws
In Indiana, a bank may generally get a deficiency judgment after a foreclosure. But if you agree to a faster foreclosure—and the bank consents—you can prevent this from happening. ... READ MORE
New York Deficiency Judgment Laws
The foreclosing party may seek a deficiency judgment against a homeowner after a New York foreclosure. ... READ MORE
What Are Virginia's Deficiency Judgment Laws?
If you lose your property to a foreclosure in Virginia, you could be on the hook to pay a deficiency judgment. ... READ MORE
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