Our office remains open for new and current clients, and to help prevent the spread of COVID-19 we have expanded our options for remote consultations and client meetings. Please contact our office to set up your free consultation.

Hyde Park, Eastgate, Fairfield, Covington: +1-513-723-1600
Portsmouth: +1-740-300-2022
Call For A No-Pressure, Free Consultation

Hyde Park, Eastgate, Fairfield,
Covington:
+1-513-723-1600
Portsmouth:
+1-740-300-2022
Call For A No-Pressure, Free Consultation

Full Service Bankruptcy
And Debt-Relief Lawyers

What Happens After a Foreclosure?

| Mar 1, 2012 | Bankruptcy

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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