Short answer: the court says you owe a creditor money.
Longer answer: A deficiency judgment is a court imposed judgment against a person for the difference between the mortgage value and the sale price of a home.
Why does this matter and why is it coming up now?
A lot of folks walked away from homes in the housing bust. This decision is coming around to bite them in a lot of respects as debt collectors and lenders start to make the motions to collect that debt.
Why does this matter to you now? If you’re underwater on a home, please don’t walk away. Give me a chance to help you short sale the home, which does not (done correctly) leave a deficiency.
Looking to buy or sell a home in Colorado Springs? Please call Rob at 719-440-6626!