Want to avoid a deficiency judgment?
After the foreclosure has taken place, the borrower has very little leverage to prevent a deficiency judgment. The time to try to avoid a deficiency judgment, is prior to and during the foreclosure case. A foreclosure suit is a real lawsuit. You need a real estate attorney, preferably an attorney with both real estate and banking experience. Many borrowers are misinformed and make the mistake of not responding to the foreclosure suit after being served. You must respond. A well-planned response may provide the leverage you need to avoid a deficiency judgment. Again, it is important to have an experienced attorney on your side.
