Lenders Enforcing Deficiency Judgments in Much Greater Numbers – and many years later!

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Kimbriell Kelly reporting in The Washington Post on June 15, that 22 states and the District of Columbia (see full list http://www.mbaa.org/files/ResourceCenter/ForeclosureProcess/JudicialVersusNon-JudicialForeclosure.pdf), states that use Judicial procedures (The Court) as the primary way to foreclose, are now increasingly and actively pursuing homeowners for the “deficiency – the amount of money the lenders have lost, usually the difference between the loan and what the house had to be sold for (plus legal expenses).  These homeowners are especially shocked because this action is occurring years after the foreclosure and long after the homeowners thought they were home free. 

http://www.washingtonpost.com/investigations/lenders-seek-court-actions-against-homeowners-years-after-foreclosure/2013/06/15/3c6a04ce-96fc-11e2-b68f-dc5c4b47e519_story.html

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