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

Alabama 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

New York is a ?non-recourse? state, which means that even if the proceeds from the sale of the home do not cover the loan balance, your lender cannot go after you or your estate for the remaining loan balance.

Look Up Your State Law These are known as ?nonrecourse states,? and they include Alaska, Arizona, California, Connecticut, Idaho, Minnesota, North Carolina, North Dakota, Oregon, Texas, Utah and Washington.

Non-recourse loans specify a limit up to which your lender can seize your assets in the event of a default; that is up to the value of your collateral. On the other hand, recourse loans allow the lender to seize assets other than the collateral if your debt exceeds the value of the collateral.

Is Montana a non recourse state? 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.

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

There are no rights for redemption in Hawaii once the foreclosure is completed. In the case of a judicial foreclosure, the lender can file a lawsuit against the borrower for a deficiency unless a ruling was made by the court regarding deficiency when the foreclosure was finalized.

5 Alaska, Arizona, California, Connecticut, Hawaii Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah, and Washington are considered non-recourse states.

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