What are the odds of a deficiency judgement against a couple in their late sixties who live off social security with no pension, 401k or assets?

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What are the odds of a deficiency judgement against a couple in their late sixties who live off social security with no pension, 401k or assets?

Asked on October 23, 2012 under Real Estate Law, New Jersey

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the couple that you are writing about have a house lost in a foreclosure where the loan is not purchase money and the state where the property is located makes no distinction between a judicial foreclosure and a non-judicial foreclosure then the odds of a deficiency judgment seem quite high.

The issue is whether or not the judgment creditor will ever be able to collect upon the judgment since the couple lives off of social security, has no pension or assets.


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