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What is a deficiency judgment, and how might it hurt me?

On Behalf of | Apr 4, 2015 | Firm News, Personal Bankruptcy

Many hard-pressed debtors in Arkansas and nationally are, understandably, under tremendous pressure as they attempt to deal purposefully with stark financial challenges.

One sobering reality that emerges front and center for many debt-laden consumers is that money problems often spill out in broad-based ways following what was initially a single and seemingly limited problem.

To wit: A medical debt may be both unexpected and staggeringly high, necessitating the tapping of a credit card to forestall creditors. That in turn ratchets up interest charges, which make it difficult to keep up on car payments and other obligations.

Ultimately, and in some worst-case scenarios, mortgage payments are missed. Over time, that can become such a problem that a homeowner will default on a loan and go into foreclosure.

At such a point, many cash-strapped people have never even heard of the term “deficiency judgment,” which can rear an ugly head and entrap a consumer in a cycle of ever-spiraling debt.

On a relevant website page at Robertson Law Firm, PLLC, we don’t mince words in calling a deficiency judgment what it is, namely, a “nasty byproduct of foreclosure.”

The bottom line for a homeowner targeted by such a judgment is this: A lender is taking aggressive action to recoup the difference between what it is owed and what a so-called “underwater” property is worth. A deficiency judgment often surprises a debtor long after he or she has left a home.

Persons with questions or concerns regarding deficiency judgments or any other financial aspect relating to foreclosure or bankruptcy might reasonably want to speak with a proven attorney. We take pride in the work we do for hard-working people who have fallen into financial difficulties, and we invite your scrutiny of our firm online at our Little Rock Deficiency Judgment page.


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