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Settling a deficiency judgement after foreclosure on an investment property?

If a lender comes after you for a deficiency judgement, can you pay it off in monthly payments over like 20 years or is the entire amount due as a lump sum? Also, I do have a personal residence. How would this factor in? Thanks so much!!

Public Comments

1. My best advise is to talk with a tax advisor. There are too many legal complications that you need to consider and we aren't attorney's.
2. the judgment did not specify? you need to discuss this with the lender and no, I doubt very much they will allow you the payments you suggest
3. Usually you would just pay in one lump sum. Interest on a judgment is high, 10% so most judges avoid payment plans. Obviously you have assets, so you can pay it off.
4. Yes, you could agree to monthly payments. Or you could negotiate a "discounted" payoff since the lender never expects to see one penny of a deficiency. In legal theory, the lender does not have to accept any negotiations. In the real world, they do it all the time. Your personal residence is protected in most states up to $100,000 in equity which can not be touched by a creditor. The state does not want a credit card company ( or the holder of a judgement) to be able to take your house.