Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments

A judgment-creditor contacts your employer and requires the employer to deduct a specific portion of your wages each pay period and send the money to the creditor. Worried about Debt Collectors.

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The lender proceeded with the foreclosure and received a deficiency judgment against Trimble personally.. What a Three-Day Notice to Pay Rent or Quit Really Means. and preparing for the holidays. With all these added costs, the tenant may not have enough money to pay rent and the landlord.

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The following article is written for the South Florida Law Blog by Oppenheim Law attorney Roy Oppenheim. Florida has remained in the top three of states with the highest foreclosure rate since the housing market collapsed in late 2007. Even scarier for distressed homeowners is the fact that Florida is a recourse state, permitting lenders to seek deficiency judgments for [.]

Foreclosure sale. If your home goes to foreclosure sale, it will be sold to the highest bidder, who may be the lender or a third party. The foreclosure sale takes place at a public auction, usually at a county courthouse. Once payment is made, the winning bidder takes ownership of the property. Deficiency judgment.

America’s contemporary system of policing, courts, imprisonment, and parole doesn’t just absorb money. It also makes money through. majority-black neighborhoods suffer court judgments for debt.

Florida Foreclosure Defense: What you need to know by Roy Oppenheim The bank can sell or assign this debt to a collection agency or junk debt buyer. So, yes the collection agency may sue you for it and if they win, get a judgment. A defense often used by debtors is the statute of limitations, meaning the legal time a creditor has to sue you after the debt is charged off.

Knowing whether your money is safe after foreclosure. go into foreclosure, can the bank levy my account for the delinquent debt?. from deficiency balances that take place after the rental property is sold or foreclosed on.. The deficiency balance is $50,000, which could be your responsibility to pay.

The Home equity theft reporter: jury convicts South Florida Pair Accused Of Running Sale Leaseback, Equity Stripping Foreclosure Rescue Racket That Swindled Distressed Homeowners Money Pays The Rent: Debt Colectors love foreclosure deficiency judgments If you ignore the notice of complaint, your creditor can obtain a deficiency judgment to.