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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.
California Deficiency Judgment Laws
In California, a foreclosing bank can’t get a deficiency judgment against you after a nonjudicial foreclosure. ... READ MORE
What Are Maine's Deficiency Judgment Laws?
A deficiency judgment is a personal judgment against a foreclosed borrower that is equal—in most cases—to the difference between the amount received from the public sale of the property and the amount owed to the bank. ... READ MORE
Pennsylvania Deficiency Judgment Laws
If a foreclosure sale in Pennsylvania brings in less than the total amount of the mortgage debt, the bank can go after the borrower for the difference. ... READ MORE
Ohio Deficiency Judgment Laws
In Ohio, you might have to pay a deficiency judgment after a foreclosure. ... READ MORE
Iowa Deficiency Judgment Laws
In Iowa, a bank may generally get a deficiency judgment—but not under certain circumstances. ... READ MORE
South Dakota Deficiency Judgment Laws
In South Dakota, you might have to pay a deficiency judgment after a judicial foreclosure or nonjudicial foreclosure, but not a voluntary foreclosure. ... READ MORE
New Hampshire Deficiency Judgment Laws
If you go through a foreclosure in New Hampshire, the bank might come after you for the "deficiency." ... READ MORE
Illinois Deficiency Judgment Laws
Find out how and under what circumstances a bank can get a deficiency judgment against a foreclosed homeowner in Illinois. ... READ MORE
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