[lyong222]

...and deficiency judgement? Can someone explain this?------------What is a deficiency judgment, and how does it affect the bidding process?Sometimes a Plaintiff in a foreclosure action will ask the Court to award a money judgment against the mortgage debtor in the event the sale of the mortgaged property does not bring enough money to pay off the debt. This is called a deficiency judgment. If the Plaintiff seeks a deficiency judgement, the only bid taken at the auction will be the Plaintiff's first and final bid. The property will then be auctioned again 30 days from the original sale date. Only bids higher than the Plaintiff's bid (“upset bids”) will be taken, and the sale will be final on that date.The plaintiff is the bank that owns the property, right?How do they know that they need a deficiency judgement, before the auction starts, since only the bidding process can tell them if the sale of the mortgaged property does not bring enough money to pay off the debt? The debt on this house is $38,654. How would a deficiency judgement affect this auction? As I read the above it sounds like the plaintiff will ask for a deficiency judgement before the auction starts. Then it says If the Plaintiff seeks a deficiency, the only bid taken at the auction will be the Plaintiff's first and final bid. This sounds like if I attend the auction, I won't be able to bid if there is a deficiency judgement. It seems that the plaintiff would place their opening bid. If I bid higher but not high enough for them, they would bid again and force me higher. If I stopped then their bid would be the final bid and they would then know the difference between my bid and the amount they wanted which was the debt owed. Can someone explain this? I have looked at the results of many of these auctions and none of the bids were greater than the debt owed so this must be what is sought by the plaintiff's.It is not a legal question....it is an explanation of the definition of deficiency judgements and why the description given seems to contradict itself, they seek a judgement for a deficiency they are not aware of because the bidding has not started?