Deficency judgement continued….
In October of 2011 I showed a house for a buyer. The owner was home. She is a lovely lady who developed breast cancer. She was paying her mortgage until she couldn’t work because of the cancer. Aisha is a single mother who now has a reasonable job. She tried to get a loan modification but her bank wouldn’t talk to her. They tried to tack on all sorts of fees and call it a loan modification. Aisha has two mortgages.
When her home either short sales or is foreclosed on she will get a deficiency judgment for the second mortgage. So first you get sick. Then you lose your job. Then you lose your home. Then you get slapped with a deficiency judgment for the entire second mortgage.