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A mortgage deficiency waiver frees you of the burden of having to pay back the rest of your mortgage in the event your house sells through a short sale. Otherwise, you may end up having to pay the mortgage off even though you took less for your home and may not be able to afford to do so.
However, the lender might waive its right to a deficiency judgment. Read on to learn what a deficiency judgment is, when your mortgage lender can collect one against you in South Carolina, and what happens to the deficiency in a short sale or a deed in lieu of foreclosure in South Carolina.
Because deficiency laws are complex and vary from state to state, consider talking to a knowledgeable attorney in your area to learn whether you may be on the hook for a mortgage deficiency. A Bankruptcy Discharge Can Eliminate Your Deficiency Judgment. In general, a mortgage deficiency judgment is treated like any other general unsecured debt.
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A deficiency judgment is a court judgment that a mortgage lender gets against a homeowner after a foreclosure. Many states prohibit deficiency judgments, but Virginia, Maryland and the District of Columbia all allow them. Different states impose different limits on when a lender can pursue a deficiency judgment. But the basic premise is the same.
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A deficiency judgment is a ruling made by a court against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in full.
A deficiency judgment is a judgment lien against a borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. Deficiency judgments are limited to the fair market value of the property less the unpaid balance of the loan that was foreclosed.
When a lender forecloses on a mortgage, the debt often exceeds the amount that the lender recovers through the foreclosure sale. In states classified as "non-recourse," the lender cannot seek a judgment against the debtor to recover the deficiency. "Recourse" states allow lenders to seek a deficiency judgment against the debtor.