A deficiency judgment is a judgment for moneys owed above the amount received at the sheriff’s sale, after costs.  The signer of the promissory note be personally liability for that amount.

R.C. 2329.08 limits the collection of a deficiency judgment on a Mortgage two (2) years from the confirmation of sale.  This time stops if the creditor undertakes an action to collect on the judgment.  After the crisis in 2008 Banks as a general rule have not collected on these judgments.  However, two clients have come in with letters from collection companies relating to debts sold by Fannie Mae and Freddie Mac for collection.

Even if you are losing your home Zachary B. Simonoff has been able to personal liability of his clients, so even if you lose your home you will not have the added stress of being pursued for a large debt.