Notes: The table that appears below gives the time within which a deficiency judgment can be obtained after either a judicial (J) or Non-Judicial (NJ) foreclosure . It assumes that the foreclosure (J or NJ) was commenced within the applicable limitation statute to foreclose a mortgage or deed of trust (there are separate statute of limitations for this). In the lawsuit to obtain a deficiency (even if the foreclosure is judicial), the persons against whom such a judgment is sought must be served personally, not by publication. Therefore, a deficiency judgment is impossible if the liable parties cannot be located and served.

It is legally permissible to do a judicial foreclosure in a state that permits non-judicial foreclosures to obtain a deficiency so that only one, not two, proceedings are all that is necessary . (exception: See ND below).

The deficiency is the difference between the property’s true value (sometimes not reduced by costs of sale, etc.) and the successful bid, assuming the successful bid is not “unconscionable”.

This table only applies to single family residences and assumes that the liable parties are not bankruptcy discharged and are not responsible for serious intentional damage to the property or serious fraud as to the property’s value when the loan was made.

Finally, this firm does deficiency suits in these states:


* J=Judicial, NJ=Non-Judicial