How can I avoid a deficiency judgment after foreclosure?

Answer by  withluck (1745)

You will need a release of the obligation to avoid a deficiency judgment. Negotiating this is easier if a short sale can take place for the property.

Answer by  Britt38 (45)

The only way you can avoid a judgment is if you set up a payment plan. Usually this is done in court and can take up to a year to establish.

Answer by  withluck (1745)

The only way to avoid a deficiency judgment in this case is to negotiate a settlement price, lump sum, or payments with the party that has foreclosed.

Answer by  Jaggers (1018)

After foreclosure there are many adjustments you are going to have to make to your lifestyle. A visit to your local high school or college fitness instructor for a deficiency review will avoid any surprise judgments.

Answer by  Devin98 (487)

There are only two ways you can avoid a deficiency judgement due to foreclosure. If you did a deed in lieu of foreclosure you will not have a deficiency balance. If it was an actual foreclosure you can only avoid the deficiency by getting an official release from the mortgage company in writing.