Tri Cities and Beyond: North Carolina: Charlotte

Thinking of Walking Away? What About the Deficiency Judgement?

Thinking of Walking Away?  What About the Deficiency Judgement?


Short Sale Deficiency JudgementsMany homeowners who are facing foreclosure fail to consider is the possibility of a deficiency judgment.  Deficiency judgments are levied by your former lender, who simply 'sues' you for the balance of what was owed on your mortgage at the time of the foreclosure less the eventual sales price, plus legal expenses, penalties, etc.   If the primary mortgage of $300,000 nets the lender (after foreclosure) $150,000, the amount of the deficiency would be $150,000 + legal fees, penalties, etc.

Homeowners facing foreclosure in North Carolina can and are walking away or otherwise allowing their homes to be foreclosed upon without any recourse from their lender.  Purchasing a new home is not an option for 7 - 10 years but, they could escape the possibility of deficiency thanks to North Carolina General Assembly Statute § 45‑21.38A.   Before you take any steps to walk away, I would strongly advise that you meet with an attorney to see if you are eligible to apply for mortgage deficiency forgiveness.

If it is your primary residence, the loan was originated after 2005 and has remained your mortgage since 2005, and is NOT a line of credit, you could be covered by the deficiency judgement forgiveness program.

Please bear in mind that this does not affect any tax implications that may or may not be included in the forgiveness by this statute.  Please contact your CPA or tax attorney before making a decision to walk away from your mortgage.

If 7-10 years of not being able to purchase another home or real property does not appeal to you, contact a short sale specialist to help you avoid foreclosure--a far better alternative to most distressed homeowners.

 

     

Charlotte Real Estate Team - The Maxwell House Group

 

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Charlotte NC Real Estate Agents 

 

Charlotte CRS Agent


Debe Maxwell, Realtor®/Broker/CRS

RE/MAX Executive

CharlotteBroker@icloud.com
Direct:  (704) 491-3310

 

               Search Charlotte Neighborhoods      Search Charlotte Homes for Sale       Relocate to Charlotte NC

                               Things to do in Charlotte NC     Charlotte Real Estate Information

          

Charlotte Real Estate on Pinterest  FacebookFollow me on TwitterYou Tube  Connect with me on LinkedInSubscribe to my RSS feedCharlotte Real Estate on Pinterest

subscribe to my Active Rain BlogEmail meSearch Charlotte NC MLS

Follow me on Google+

Disclosure of material contained within

Get Charlotte's Best Home Search App
Download Charlotte's hottest new app for up-to-the-minute listings and the most accurate neighborhood information available on the web!

DOWNLOAD CHARLOTTE PROPERTIES AT THE APP STORE

GET THE CHARLOTTE PROPERTIES APP AT GOOGLE PLAY
Comment balloon 7 commentsDebe Maxwell, CRS • December 19 2010 04:57PM
Thinking of Walking Away? What About the Deficiency Judgement?
share
Thinking of Walking Away? What About the Deficiency Judgement? Many homeowners who are facing foreclosure fail to consider is the possibility of a deficiency judgment. Deficiency judgments are levied by your former lender, who simply 'sues… more
Common Myths About Real Estate Agents
share
Common Myths About Real Estate Agents Ask anyone about their experiences with real estate agents, and you will no doubt hear a wide variety of responses. There are so many myths about agents that tend to be taken as truths when someone has a… more
7 Powerful Reasons to List Your Charlotte Home for Sale During the…
share
7 Powerful Reasons to List Your Charlotte Home for Sale During the Holidays 1. While there may be fewer buyers out there shopping for Charlotte homes for sale during the holidays, the buyers who are looking, are serious buyers, ready to buy… more
Charlotte Economic News: More Energy Jobs Announced by TOSHIBA
share
Charlotte Economic News: More Energy Jobs Announced by Toshiba Charlotte NC: Charlotte is in the news once again this week as the “New Energy Capital” of the world already a national hub for the energy industry! Toshiba will increase its… more
Charlotte Economic News: More Energy Jobs Announced
share
Charlotte Economic News: More Energy Jobs Announced Charlotte NC: Charlotte is quickly becoming the forerunner to become the “New Energy Capital” of the world already a national hub for the energy industry. The Shaw Group is expanding… more
SELLER TIPS: Purchase Offer Points to Ponder for Your Charlotte Home…
share
SELLER TIPS: Points to Ponder on Your Offer to Purchase for Your Charlotte Home for Sale You’re represented by a Realtor® (hopefully), who can skillfully walk you through your purchase Offer but, when dealing with a purchase Contract… more
Seller Tips: Selling Your Charlotte Home During the Holidays
share
Seller Tips: Selling Your Charlotte Home During the Holidays Selling your Charlotte home is a stressful experience for most people and it’s certainly not any easier during the holidays. However, selling your home during the holidays doesn’t… more
SELLER TIPS: Charlotte Homes for Sale Q and A
share
SELLER TIPS: Charlotte Homes for Sale Q&A Oftentimes thought provoking questions come in from readers in other cities across the nation as well as from Charlotte home sellers. I thought I’d answer a few of the questions I’ve recently… more
Is Your Charlotte Neighbor Selling TOO?
share
Is Your Charlotte Neighbor Selling Their Home TOO? It's tough enough selling one home or even two in a neighborhood but, what if you, as a seller, are faced with multiple homes for sale in the same neighborhood, complex or even on the same… more
Another Fortune 500 Company, SPX Committed to Expand, Creating 180…
share
Another Fortune 500 Company, SPX Committed to Expand, Creating 180 New Jobs in Charlotte NC Charlotte NC Job Update : NC Governor, Beverly Perdue, announced today that SPX Corporation, a Fortune 500 company, plans to invest $70 million to… more