Orlando Mortgage Deficiency Lawyer

What is a mortgage deficiency judgment?

A mortgage deficiency judgment is when a home owner or real estate investor looks up to find that their property is actually worth less than the amount that they owe on the mortgage. In cases like this when the property goes through a foreclosure it is up to the mortgage lender as to how much you are still liable to pay.

The mortgage lender is then allowed to file a judgment against the lender in search of payment for the difference between how much the property is worth at foreclosure and how much you still owe on your mortgage. The value of the foreclosed property is determined based on the date of the foreclosure sale. The mortgage lender can also go after additional costs such as attorney fees.

Dealing with a mortgage deficiency judgment in Orlando ? Contact the Law Offices of Joseph J. Mancuso, PA online or call (407) 378-5488 for a free consultation.

Call Our Orlando Debt Relief Attorney

If you are afraid that your lender will come after you with a mortgage deficiency judgment, then we can help! Here at the Law Offices of Joseph J. Mancuso, P.A. we assist homeowners, business owners and real estate investors who are upside down in their mortgage. We want to help you get back on your feet and striving towards financial freedom. Let us protect you against a mortgage deficiency judgment. Contact our Orlando office today to schedule a complimentary consultation.

Will My Lender Pursue a deficiency judgment?

Mortgage deficiency judgments are much more common in declining real estate markets. At this time the lender may feel inclined to hold onto an "upside down" mortgage until the market rises again and it is worth more. Fortunately, most banks and mortgage lenders have been more lenient in the following years and are more willing to work with you. We have found that private lenders or second mortgage lenders are far more likely to come after you and default to suing for payment.

How to Avoid a Deficiency Judgment

Our Orlando debt relief lawyers have found that there can be ways around a deficiency judgment so that you are not held liable for a large sum of money. Filing for Chapter 13 bankruptcy can be beneficial to homeowners who are looking to avoid foreclosure. This can allow you the time to modify and reorganize your mortgage payments so that you are not at risk of facing a deficiency judgment. You can also go through court ordered mediation with your mortgage lender to try and work out an agreement regarding mortgage modification.

Facing a mortgage deficiency judgment in Orlando?

If your lender is pursuing a deficiency judgment, then it is definitely in your best interests to obtain an experienced debt relief attorney who has experience with these types of cases. We are intimately familiar with bankruptcy and real estate law and we will work tirelessly to help you overcome the deficiency claim against you. Let us help you negotiate with your mortgage lender so that we can reach a reasonable settlement that costs you far less that the amount for a total deficiency case.