Consequence of Foreclosure: Deficiency Judgment

If you have been faced with the imminent threat of foreclosure, you may be tempted to let this process run its course. It is important to understand that there are several advantages to fighting back, however, as the consequences of foreclosure can be more significant than the inevitable loss of your home. Not only could foreclosure irreparably damage your credit score, but you could be slapped with a deficiency judgment even after the lender has sold your property.

When the debt that you owe on your mortgage exceeds the equity value of your home, the lender can legally request that you pay the remaining balance. In some cases, the deficiency judgment may require the borrower to pay tens of thousands of dollars for a home that they no longer own. For this reason, it is highly recommended that you explore your options with a Philadelphia foreclosure defense attorney before making a decision. Contact our firm today!

Fight Foreclosure in Pennsylvania

Knowing that you could lose your home to foreclosure is an experience that no one hopes to face. Instead of giving up, however, you should not hesitate to find out if The Law Office of Michael P. Forbes, PC can help you to stay in your home and fight an impending deficiency judgment. We don't want you to have to pay for a home that you no longer own, so we encourage you to fight the foreclosure process while there is still time. With the help of a Pennsylvania debt collection defense lawyer from our firm, you can more accurately determine what course of action is right for your case.