Minnillo & Jenkins, CO. LPA
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What Happens After a Foreclosure?

Times are changing. Traditionally, after a home was sold at a foreclosure sale, the bank would accept the sale proceeds and write-off the difference. But now there is a trend for mortgage companies to start collections on the balance of the loan due after the house is sold - "the deficiency." According to a Columbus Dispatch article published February 19, 2012  (read article) one of the reasons is that "some banks have sold their debt to collection agencies, which are more likely to pursue deficiency judgments."

What does this mean for you? If you have already filed bankruptcy and received a discharge for your mortgage obligation, you cannot be held liable for the deficiency. If you receive any communications from a creditor or debt collector about the mortgage deficiency, give us a call. You may be entitled to compensation. If you haven't filed bankruptcy but you've lost a home to foreclosure, you may want to meet with an attorney at Minnillo & Jenkins to discuss whether bankruptcy is an option for you to protect yourself from continuing collection efforts on a deficiency judgment.

We hope you find the foregoing useful and that you choose to schedule a consultation today. (Contact Info). We have four offices:  DAYTON (at the 75 South / 725 Interchange);WEST CHESTER (on Route 747 near the Union Center exit on Route 75); and Cincinnati (HYDE PARK and EASTGATE). We offer flexible and convenient appointments, including evenings and weekends.

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Hyde Park Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: +1-513-723-1600
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