Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments

Lawsuits and judgments. Evictions and unpaid rent. unpaid utility bills. Foreclosure balances. Credit card or unsecured loans: This is the most common type of debt eliminated in bankruptcy. or.

The debt collectors have been purchasing deficiency judgments and the right to pursue them from foreclosure actions in judicial foreclosure states. Florida deficiecny judgments are particularly tasty to the debt collectors who purchse default judgments.The judgments in florida are then used to collect money that goes in the debt collector’s pockets.

Foreclosure sale. If your home goes to foreclosure sale, it will be sold to the highest bidder, who may be the lender or a third party. The foreclosure sale takes place at a public auction, usually at a county courthouse. Once payment is made, the winning bidder takes ownership of the property. Deficiency judgment.

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In a few cases, anti-deficiency statues do allow lenders to collect a limited amount of money from the borrower (such as the difference between the debt and the fair market value of the property). Note that in some states (such as California) non-recourse laws apply only to "purchase money" loans (i.e. original home loans that are used to.

This is where a judgment creditor contacts the debtor’s employer and require the employer to withhold a certain portion of the debtor’s wages each pay period and send the money. the foreclosure.

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You can rent. money chasing bad debts, but it’s also possible that the bank could try to sell the deficiency debt left after a short sale to a debt collector. That debt collector might go after you.

but you will also be forced to fork out additional money to pay the lender. For instance, if your house is worth $200,000 at the time that a foreclosure occurs and you owe $220,000 to your lending.

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2014-11-16  · In Florida cases now pursued by debt collectors, thousands of foreclosure documents over the years. are known as deficiency judgments.

Collection on Judgments and Exemptions from Collection If judgment is entered in favor of the plaintiff, you are required to promptly satisfy the judgment by paying the amount of money stated in the judgment and/or returning any personal property described in the judgment. Payment should be made directly to the plaintiff, not to the court.

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