does “affidavit of eligibility for the home affordable modification program Deficiency Judgement Waived’ mean my foreclosure has been stopped?

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does “affidavit of eligibility for the home affordable modification program Deficiency Judgement Waived’ mean my foreclosure has been stopped?

Asked on May 18, 2009 under Real Estate Law, South Carolina

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

It's very hard for me to tell you what a document like that means without reading it, especially without knowing the rest of the facts of your foreclosure case.  You should talk to a local attorney about this, and one place you can find a lawyer is our website, http://attorneypages.com

I'm guessing a bit, here, but the phrase, "deficiency judgment waived" suggests to me that your house isn't worth as much as you still owe on the mortgage. Ordinarily, in a situation like that, after the foreclosure sale, you still owe the bank the difference, and they can get a judgment against you for that, called a deficiency judgment, and that can easily be tens of thousands of dollars.  So maybe what's happening here is that at least you won't be saddled with that, on top of losing your home.


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