What can I do if I received a deficiency judgment on a second home?

Answer by  tamarawilhite (17883)

You can request a negotiated settlement, a payment plan, or a deed in lieu of foreclosure (where you give them the keys instead of them having to pursue legal repossession).

Answer by  jaljl25 (547)

Well you have to prove that you are able to support the home and will have enough funds to do so in the next five years. What you would need to do is perform a forecast statement. Ask your mortgage specialist about that one and it will be great for you.

Answer by  tamarawilhite (17883)

First, determine if you have the means to catch up on your payments. If so, then contact them about setting up a payment plan to make up the deficiency. If you do not have the money, you risk going into foreclosure on the property. If this happens, start saving money to offer as a settlement after the property is sold.