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Deficiency Judgment
Barrister Amna (Alevels Academy Islamabad)
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8/20/2024
A Levels Academy Islamabad
Category
🦄
Creativity
Transcript
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00:00
Not surprisingly, lenders like to get their money back.
00:04
And we all know they should get paid back.
00:06
But sometimes you just can't pay right away.
00:09
Lenders won't hesitate to take whatever recourse is needed within the boundaries of the law.
00:13
And sometimes they even blur that line.
00:16
It's best for you to know where that line is so you can protect yourself.
00:20
Let's take the example of having to default on your mortgage,
00:23
which then leads to a foreclosure on your home.
00:26
Not an ideal situation.
00:28
But hey, at least the headache is over, right?
00:31
Well, not necessarily.
00:33
If the value of your foreclosed home is less than the amount you owe,
00:37
then the lender can pursue an action to obtain the amount you are short,
00:41
or deficient, directly from you.
00:44
If the lender obtains a judgment for that shortfall, or deficiency,
00:48
it is called a deficiency judgment.
00:50
For example, if you owed the lender $300,000,
00:54
but your home is only worth $250,000,
00:57
then your deficiency is $50,000.
01:00
In Florida, a lender has to go through the state court to obtain a deficiency judgment.
01:05
And the lender can obtain the judgment either as a part of the original foreclosure action
01:09
or in a separate lawsuit against the borrower.
01:12
But ultimately, it's up to the court to determine the final deficiency judgment amount
01:16
because it is the judge that must decide the fair market value of your house.
01:20
The time limit for a lender to pursue a separate deficiency judgment is one year from the foreclosure.
01:26
It used to be five years, so that is at least some good news.
01:30
If the lender gets a deficiency judgment against you,
01:33
the lender may be able to garnish your wages or bank accounts.
01:36
Be sure to see the LegalYou video on garnishment to learn more about that.
01:41
And although at times it may feel like you just can't catch up on your bills
01:44
and you'll never get a break from your creditors,
01:47
you don't have to let them steamroll over you in court.
01:50
That's because you are not alone.
01:52
LegalYou is here to help.
01:54
You can do this.
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