Texas Collection Agent Laws. When a debt collector tries to collect a debt from a Texas resident, it must comply with both texas debt collection law and the federal fair debt collection practices Act. A violation of the Texas law may result in criminal or civil penalties.
Once a mortgage lender gets a deficiency judgment against you, it can then proceed to collect on that judgment. If the mortgage creditor was a second lien holder in the foreclosure, it is more likely they will pursue collection efforts, especially if they received little or nothing from the foreclosure sale. This article explains the ways a mortgage lender can collect a deficiency judgment.
THE DECISION: The Supreme Court of California held that Code of Civil Procedure Section 580b prevents lenders from pursuing borrowers after approving the borrower’s short sale. Previously, the case law had been clear that after a foreclosure sale, the lender was deemed to have taken their "one action" in collecting on the loan and therefore barred from seeking a deficiency for the shortfall.
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Say the total debt owed on the first mortgage is $700,000, but the home sells for $650,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment, which is called a deficiency judgment, against the borrower to recover the deficiency. Generally, once a deficiency judgment has been obtained, the lender may collect this amount – in our example, $50,000 – from the borrower by doing such things as garnishing wages
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 Prince purchased the Property at the foreclosure sales on behalf of the Association on credit. No money exchanged. unfair debt collection practices and deceptive trade practices claims, and.
Auditor’s Report. State law allows the lender to pursue the deficiency either by filing a motion in the foreclosure case or by filing a separate lawsuit. The state also permits deficiency judgments after a short sale, in which the homeowner sells the property for less than the mortgage amount.