Deficiency Judgments in Utah: The Elephant in Every Transaction

Utah Deficiency JudgementTherea��s no hiding the fact that going through a short sale is extremely stressful for our sellers. Ita��s a time where the American Dream is being ripped from their hands. Most of our sellers came into this situation by little to no fault of their own: due to medical issues, job re-locations or a breakup of a family. Ita��s never lost to me that we meet our clients during one of the hardest times of their life, and they are counting on us to do everything we can to make the consequences to them as minimal as possible with a hope that they can start fresh and rebuild their financial security.

During the process, we discuss many areas of concern, but one topic that never fails to come up is deficiency judgments in Utah. viagra cream.

canada online pharmacy viagra cialis What is a deficiency judgment? According to Wikipedia, ita��s an unsecured money judgement against a borrower whose mortgage sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. Pills

In the state of Utah it is legal for a lender to pursue deficiency judgements after foreclosure or a short sale. buy zebeta 10mg online no prescription. Ita��s unsettling for anyone in financial distress to realize that even after losing their home, they may still be left exposed and vulnerable. There are a few questions we get asked in every transaction:

1. How will I know if the lender will come after me for the deficiency?
Once a short sale is approved, the 3rd party lender will issue a written approval letter. Ita��s within this letter that we can find verbiage clarifying whether they are waiving their rights to the deficiency amount or not. Ita��s a Robinson Team policy to make sure we fight to have the deficiency waived, and we dona��t advise our clients to move forward until wea��ve done all we can to complete this task.

2. Is there anything I can do to guarantee the deficiency will be waived?
There are a few different programs that you can apply for, which will guarantee the deficiency will be waived. Each of these programs have their own pro and con list and some we dona��t recommend often. Another option is to offer the bank a a�?cash contributiona�?. A cash contribution means youa��ll come to the closing table with cash in hand. This amount must be approved and agreed to by the 3rd party and ita��s common for banks to request cash contributions prior to issuing an approval letter. Typically cash contributions range from $2,000-$20,000.

3. How does the lender decide if theya��ll come after me or not? A� Purchase
Every lender has their own policies regarding how they decipher who will get a deficiency waiver, and who wona��t. Some banks decide this based purely off numbers and if they are making enough from the sale, other banks look at the whole picture and take into account the circumstances leading up to the short sale. Some banks have a strict policy that no deficiency will be waived, while other banks release all deficiencies regardless of circumstances.

mens dysfunction Buy buy flagyl use paypal. As you can see, Utah deficiency judgments arena��t black and white, there are many shades of grey and it can be a nerve-racking process waiting to find out what hand of cards the lender is going to deal. Because we are solely licensed in real estate, we always recommend that our sellers consult with an attorney and/or certified public accountant so that they can be clear on the pros and the cons of moving forward with or without the deficiency waived. Each situation is different and unique and each client deserves to know exactly what they are facing after the dust settles. Purchase online

If you are facing Utah foreclosure or considering a short sale of your home, contact the Robinson Team. We specialize in foreclosure prevention and short sale services. We have helped hundreds of homeowners avoid foreclosure, minimize credit damage and recover financially since 2003.} Cheap http://winterwoodinternational.com/kik-spy-hellospy-how-track-iphone/ online

How Will a Utah Foreclosure Effect Me?

If you have been trying to decide if you should let your home foreclose, it is critical that you understand how a Utah Foreclosure could affect you. In Utah there are three major repercussions of foreclosure:

  1. Credit Damage
  2. Deficiency Pills
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  3. Tax Liability

Credit Damage from Utah Foreclosure

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foreclosure credit damageA foreclosure in Utah will have a devastating effect on your credit. This is fairly obvious to most homeowners but they may not realize that a foreclosure will stay on their credit report for 7 years. This can have a significant impact on your ability to obtain financing for another home, car, or even obtain a simple credit card. It could even impact future employment. From a credit standpoint, foreclosure is the worst mark on your credit, even worse than bankruptcy in Utah.

Utah is a Deficiency Judgment State

Many homeowners think they can just let the bank take the home back and they will deal with the credit damage. But the repercussions of foreclosure in Utah don”t stop there. is there a way to get cialis overnight Utah is a deficiency judgment state. This means that the lender may have the right to pursue the homeowner for the remaining balance (deficiency) of the loan after the foreclosure has taken place. This judgment could potentially attach to other assets the homeowner has or could go online casino as far as garnishing wages. Now the homeowner has a foreclosure and still owes the lender the money.

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Tax Liability after Foreclosure

Foreclosure-Short-Sale-Tax-ConsequencesIt”s true the lender may not pursue the deficiency balance as described above. They have the option to forgive the balance of the debt.

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Unfortunately, the IRS considers this a taxable event. Anytime debt is forgiven over the amount of $500, the lender is required to submit a 1099c (canceled or forgiven debt) to the IRS. Forgiven debt is taxed as regular income. This could cause a significant tax burden on the homeowner.

The three major repercussions of foreclosure discussed above may not be an exhaustive list but it covers three areas that are critically important. Before letting a home go to foreclosure, homeowners should consider the negative impacts it can have, both now and in the future. Taking a proactive approach to minimize the damage viagra triangle chicago map. Utah foreclosure will cause may seem daunting up front but will pay major dividends down the road.

To learn more about the options available to help you stop foreclosure order noroxin medication and avoid the damage it will cause, visit our website or contact us directly.

Disclaimer: I am not an attorney or tax advisor. This information should not be undertstood as tax or legal advice. If you have tax or legal questions, you should consult an attorney or tax professional.

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