Albany, NY asked in Bankruptcy, Foreclosure and Real Estate Law for New Jersey

Q: How common are deficiency judgments on foreclosed homes? The home was included in bankruptcy. I have no money to pay.

If there was a judgment, I could not afford to pay it back with all my expenses.

2 Lawyer Answers
Derek John Soltis
Derek John Soltis
Answered
  • Bankruptcy Lawyer
  • Jersey City, NJ

A: If you were in bankruptcy and received a discharge, then you are not going to be facing a deficiency judgment.

Many banks do not pursue deficiency judgments unless they are sure it will be profitable for them.

Stuart Nachbar agrees with this answer

1 user found this answer helpful

Michael David Siegel
Michael David Siegel
Answered
  • Bankruptcy Lawyer
  • New York, NY
  • Licensed in New Jersey

A: Uncommon. But if included in your bankruptcy the deficiency is discharged.

Stuart Nachbar agrees with this answer

1 user found this answer helpful

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