Kentucky Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
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How to fill out Notice Of Intention To Foreclose And Of Liability For Deficiency After Foreclosure Of Mortgage?
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FAQ
Primary tabs. Deficiency judgment is money awarded to creditors when assets securing a loan do not cover the debt owed by a debtor. When a debtor becomes insolvent, a creditor can repossess the asset securing the loan, and then sell the asset to recover the debt.
In California, if you owe money secured with a purchase money mortgage or deed of trust (e.g. the money was used to purchase the dwelling) the holder of the Deed of Trust or Mortgage is prohibited from seeking to collect on the Note any sums more than it recovers from foreclosure even if the sums from foreclosure are ...
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
California law generally prohibits a deficiency judgment following the short sale of a residential property with no more than four units. Junior lienholders are also prohibited from pursuing a deficiency judgment if they agree to the short sale and they receive proceeds as agreed. (Cal. Code Civ.
In a judicial foreclosure, the lender can get a deficiency judgment to collect any money they're owed after the sale. In a judicial foreclosure, after the judge orders the sale of a home, it's usually auctioned off to the highest bidder.
The difference between the sale price and the total debt is called a "deficiency balance." Many states, including Kentucky, allow the lender to get a personal judgment, called a "deficiency judgment," for this amount against the borrower. Kentucky law generally permits the lender to get a deficiency judgment.
If a foreclosure is nonjudicial, the foreclosing lender must file a lawsuit following the foreclosure to get a deficiency judgment. On the other hand, with a judicial foreclosure, most states allow the lender to seek a deficiency judgment as part of the underlying foreclosure lawsuit.
In Kentucky, foreclosures go through a judicial process, meaning foreclosures are handled by the courts. When it is determined that a borrower is in default on a loan, the lender files a foreclosure suit with the circuit court.