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Foreclosures Archives

Deficiency judgments can bite back years following foreclosure

Well, here’s a business model that an overwhelming number of people across the country would view as unprincipled and even egregiously unethical: buy up old mortgage debt for a fraction of its face value and then go after debtors for what is still allegedly owed, often years after those debtors went into foreclosure and their properties were sold by lenders.

Be cautious about filing for personal bankruptcy to avoid foreclosure

The South Florida Business Journal reports that real estate company Lauren Enterprises and two of its mangers in Coral Springs was recently hit with a $7 million foreclosure judgment in connection with a $3.77 million mortgage. In response to the foreclosure judgment, the company filed for Chapter 11 bankruptcy in order to “get some breathing room to negotiate with the bank.”

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