Remove Creditor's Rights Remove Foreclosure Remove Garnishment
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How to Get a Deficiency Judgment After a Foreclosure Sale

Jimerson Firm

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. However, sometimes the sale proceeds are insufficient to satisfy the full amount of debt owed.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home). Secured Debt in Bankruptcy A bankruptcy can discharge your underlying responsibility to pay the debt, but it does not do away with the creditors rights to the collateral they hold as security.