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Complaint or Petition to Recover Deficiency after Sale under Trust...

Alaska Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-01525BG

Format:

Instant download

Description

A deficiency judgment is typically in an amount equal to the difference between the funds received from a court sale of property and the balance remaining on a debt. Deficiency judgments are commonly issued when a property owner fails to pay amounts owed on a mortgage and the property securing the mortgage is sold to satisfy the debt, but the proceeds from the sale are less than the amount owed.

Deficiency judgments are not allowed in all states. In order to get a deficiency judgment in most states, the party owed money must file a suit for judicial foreclosure instead of just foreclosing on real property. However, some states allow a lawsuit for a deficiency after foreclosure on the mortgage or deed of trust. Local laws should be consulted for specific requirements in your area.

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How to fill out Complaint Or Petition To Recover Deficiency After Sale Under Trust Deed Or Deed Of Trust?

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FAQ

In Texas, the lender may get a deficiency judgment with both judicial and nonjudicial foreclosures. (Tex. Prop. Code § 51.003, § 51.004).

Anti-deficiency legislation in Arizona and California shields residential borrowers from personal liability at the obvious expense of the lender.

In Florida, the lender may obtain a deficiency judgment as part of the foreclosure action if the borrower was personally served with the foreclosure complaint. The lender may also file a separate lawsuit against the borrower for a deficiency judgment unless the court denied one in the foreclosure action.

1. : the quality or state of being defective or of lacking some necessary quality or element : the quality or state of being deficient : inadequacy. suffers from a deficiency of critical thinking. 2. : an amount that is lacking or inadequate : shortage.

Which States Have Anti-Deficiency Laws? Alaska; Arizona; California; Connecticut; Idaho; Minnesota; North Carolina; North Dakota;

Based on information compiled by the National Consumer Law Center (NCLC), at least 10 states can be generally classified as non-recourse for residential mortgages: Alaska, Arizona, California, Hawaii, Minnesota, Montana, North Dakota, Oklahoma, Oregon, and Washington.

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