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Deficiency Judgments

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Uploaded by on May 30, 2009

What is a deficiency judgment, how likely are they in Maine, how long do they last, and what are the best ways to avoid them.

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Uploader Comments (MHSolutionsInc)

  • Last May I short saled my house in Falmouth. The first mortgage was paid off but the second one is 90K short. Both loans are from Bank of America. Now BOA is chasing after us demanding immediate payment for the full amount at once. They sent the deficiency to a collection agency which has been threatening us with a law suit. Bank of America had offer me a settlement for 25k if I would pay at once but I did not have the money. Any advise will be greatly appreciated! Lance

  • Id suggest you speak with an attorney that specializes in defending against deficiency judgments. I have been informed by our attorney that after the disposition of a property through a short sale, the lender has a period of 1 year to file for a judgment in Maine. If they fail to do that then they miss their chance. Id confirm this with your attorney. There are collection companies out there trying to squeeze money out of people when they dont really have a legal leg to stand on.

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  • good info thanks

  • @MHSolutionsInc

    Thank you very much for the suggestions. Can you give me the contact of a lawyer?

    By the way, which department/agency of

    the government of the state of Maine

    could I check with to see if a lawsuit has

    been filed against me?

    Many thanks!

    Lance

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