This morning(Sunday, October 30), there was an article on NPR about Bank of America suing for recovery of the balance on a foreclosure.
By securing a deficiency judgment, the bank is demanding that the $108 thousand be paid. They did finally settle for a far lesser figure, but it left the family devastated.
In most states Deficiency Judgment laws exist. Banks are now either going after the unpaid mortgage or they are selling the paper at pennies on the dollar to companies set up to collect as much as they can.
Anyone having gone through a foreclosure should check out the Deficiency Judgment policies in their state.
Carl Jarvis
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