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Deficiency Judgments Haunt Foreclosed Sellers

Oct 3, 2011 | Real Estate News, Short Sales

Written By Heidi Rozeske

As the web of short sales and foreclosures continues to unfold, a new twist has come into play. Investors have begun purchasing deficiency judgments (“an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full” Wickipedia) from banks for around 2 cents on the dollar, according to a recent Wall Street Journal article House is Gone but Debt Lives On.

Silverleaf Advisors LLC, a Miami private-equity firm, is one investor in battered mortgage debt. “We are waiting for the economy to somewhat heal so that it’s a better time to go after people,” says Douglas Hannah, managing director of Silverleaf.

As with all complex business and financial matters, a specialist’s advice is invaluable before signing any documents.  We recommend speaking with an attorney and an accountant to better understand all possible consequences before making any decisions.

Written By Heidi Rozeske

Heidi Rozeske, the founder of Glass Slipper Homes, brings over 15 years of real estate expertise to the table. Her dedication to client satisfaction and her keen eye for detail make her an invaluable asset in your home-buying journey. Outside of real estate, Heidi enjoys staying active with pilates, indulging in creative hobbies like knitting and gardening, and sharing her thoughts through writing. Her commitment to community and personalized service sets Glass Slipper Homes apart in the Madison area.

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