Foreclosure and Loan Modification Blog

How are Deficiency Judgments Collected?

You may think that once the awful foreclosure process is over you will not hear from your lender ever again. However, if there is a deficiency judgment form the foreclosure sale, this may not be the case. The bank can come after you if your home does not sell for the full value of the debt owed. This is called a deficiency judgment. How exactly can the bank collect this judgment? Read on to find out how.

What Fees Are You Charged in Foreclosure?

As if falling behind on your mortgage payments and being at risk of losing your home to foreclosure wasn't bad enough, it also costs you extra money in the form of fees, which make it even harder to get your mortgage back on track.

Being charged fees for not having enough money to pay your mortgage can feel like adding insult to injury. You didn't have enough money to pay the regular mortgage payments, now they add fees to that! Wonderful.

Unpleasant as it is, there's no getting around incurring some fees when you default on your mortgage. Your mortgage contract states that you will be charged fees in the event that you do not pay your mortgage in full and on time.

The amount of your missed payments, which include principal, interest, taxes and insurance, will make up most of the money you owe after defaulting, but the fees are nothing to sneeze at. Let's look at what some of them are.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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