Legal Question in Credit and Debt Law in Pennsylvania

In answer to your questionm the answer is yes. But your post raises some questions - if you don't live in the house, who does? Why is a mortgage deficiency owed? Was the house foreclosed on? If that is the case, the old mortgage really does not exist on the house anymore. All there is would be unsecured deficiency. You are absolutely in a position to leverage that and negotiate - there is nothing to lose by trying that. If the bank will not be reasonable and if they want too much money, you could file bankruptcy depending on your other assets and debts.

Before you pay a dime to the lender, you first have to negotiate a settlement. How much deficiency is owed? Do you have the funds? How long would it take you to pay? Who is the lender? The more money you canj pay in a lump sum the lower you can go. For example, if you could come up with 25% of the deficiency by the end of the month, make that offer. However, whether this is a reasonable offer or not depends on all the circumstances.

If you would like to discuss the specifics of your case in confidence, pleasee contact me at [email protected]. I give free email consults and charge $50 for a 30 minute phone consult. Or you may wish to speak to a local lawyer. You should consult with someone before you do any negotiating.