141 N. Meramec Ave., Ste. 24, St. Louis, MO  (314) 925-0239 - Ledbetter Law Firm, LLC
RSS

Recent Posts

European Countries Recently Updated Their Bankruptcy Laws Based on the U. S. Bankruptcy Code
Megabank Citigroup Settles Investors' Case for $730,000,000.00
Mortgage Lender Seeks Deficiency Balance After Foreclosure
St. Louis Bankruptcy Attorney Frank Ledbetter's clients receive discharge of over $79,000 in debt

Categories

Bankruptcy Law Revisions
Deficiency Debts
Litigation Against Banks
powered by

My Blog

Mortgage Lender Seeks Deficiency Balance After Foreclosure

St. Louis Bankruptcy Lawyer Frank Ledbetter recently learned of mortgage lender CIT's efforts to collect a deficiency balance on a mortgage loan after it foreclosed on a homeowner's first mortgage.  Historically in Missouri, mortgage lender's tended to only attempt to collect deficiency balances (the amount still owed on a foreclosed mortgage after deducting the sale proceeds which the mortgage lender received from the loan balance owed at the time of foreclosure) for second or third mortgages on residences and on properties used for commercial purposes.  

In this instance, CIT filed a proof of claim for in excess of $300,000.00 in unsecured, non-priority debt, the amount CIT said the client still owed after deducting its sale proceeds.  CIT had foreclosed on this client's mortgage and received over $238,000.00 in foreclosure sale proceeds.  Because the client is in a Chapter 13 bankruptcy case, only several thousand dollars will need to be paid to this creditor and that amount due to the value of non-exempt assets owed by the Chapter 13 bankruptcy client.  

In some states, mortgage lenders may not legally collect a deficiency balance after the foreclosure of a residential first mortgage.  However, such collection is legally allowed in Missouri.  This type of deficiency balance, however, may be discharged in Chapter 7 bankruptcy and in most cases fully discharged in Chapter 13 bankruptcy.

15 Comments to Mortgage Lender Seeks Deficiency Balance After Foreclosure:

Comments RSS
home work help on Tuesday, April 16, 2013 1:34 AM
This kind of essay describes how something is done. It explains the actions to be taken or the necessary steps before an outcome is achieved. This involves precision and clarity in writing.
Reply to comment


Essays on Wednesday, May 01, 2013 7:54 AM
All custom essays are delivered on time, as per client’s specified deadline.
Reply to comment


credit card on Monday, May 06, 2013 6:37 AM
Bankruptcy will only delay the foreclosure. Mortgage lender can apply for the foreclosure against the borrower property.
Reply to comment


pokies777.com on Saturday, May 11, 2013 2:40 AM
St. Louis Bankruptcy Lawyer Frank Ledbetter recently learned of mortgage lender CIT's efforts to collect a deficiency balance on a mortgage loan after it foreclosed on a homeowner's first mortgage.
Reply to comment


glass clamp on Friday, May 17, 2013 10:43 PM
Looks very nice, Woody
At first I thought it was a nice case of graffiti.
Happy New Year! Happy MidWeek Blues!
..
Reply to comment


essay writing on Monday, October 07, 2013 2:24 AM
Internet perusing is not my thing. At the same time in the wake of perusing your website I am truly satisfied. I don't ponder different online journals yet this I will likely hold returning t
Reply to comment


Incity.com.pl - sprzedaż mieszkań on Saturday, November 09, 2013 2:53 AM
It principally fears that might own invested the lot the very equipment besides other pieces of day to day use the change of this frame is able to give us
Reply to comment


wizytówki druk Poznań on Saturday, November 09, 2013 12:59 PM
It consists of not merely current home appliances as well as kitchen appliances, but will also - furniture. solutions: self-assembly, or even rent competent to try and do every one of the work
Reply to comment


http://www.ogbet-chmiel.pl on Thursday, November 14, 2013 10:49 AM
If we'd like this kind of fence components supported you and me clearly in the past and also failed to currently have virtually any scores have to opt for a area with great quality The beneficial efficiency in the belt sander will cover, inter alia, larger quickness within the belt
Reply to comment


słuchawki bezprzewodowe Harman Kardon on Thursday, November 28, 2013 7:42 PM
You also needs to look for light source design dual-use sufficient reason for a substantial adjustable hundred p . c are able to make individuals on our own basic safety and therefore the excellent of done
Reply to comment


Cash on car title Durham on Friday, March 14, 2014 3:16 AM
I am happy to find this content regarding the Mortgage Lender Seeks Deficiency Balance After Foreclosure that is very helpful and informative for me and everyone who is in the business of real estate. Thanks a lot and good luck.
Reply to comment


foreclosure defense attorney california on Saturday, April 12, 2014 6:28 AM
I'm happy that I found your blog while searching the internet for ideas and good content like Mortgage Lender Seeks Deficiency Balance After Foreclosure. It's very informative and the quality of your posts is excellent.keep it up
Reply to comment


znakomita piło łuparka on Friday, May 30, 2014 2:17 AM
we are able to turn on the vapor babysitter and finish friends chores In addition, we need to likewise take note of the rate of recurrence regarding use
Reply to comment


Marketing Assignment on Monday, September 24, 2018 1:24 AM
Really I Appreciate The Effort You Made To Share The Knowledge. This Is Really A Great Stuff For Sharing. Keep It Up . Thanks For Sharing.
Reply to comment


Do My Medical Science Assignment on Monday, September 24, 2018 1:59 AM
Amazing Article Thanks Or Sharing..
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment