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North Carolina Deficiency Judgment

North Carolina Deficiency Judgment

Name: North Carolina Deficiency Judgment
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.78 (431 reviews)

Category:

North Carolina Probate - Estates - Decedents

State:

North Carolina

Control #:

NC-E-101

Format:

Instant download

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Public form

Description

Deficiency Judgment: This is an official form from the North Carolina Administration of the Courts (AOC), which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by North Carolina statutes and law.

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FAQ

Recourse and Non-Recourse Loans: State LawsNon-recourse states include Alaska, Arizona, Washington, Utah, Idaho, Minnesota, California, North Carolina, Connecticut, North Dakota, Texas and Oregon.In other states, you may have either type of loan.

Declaring Bankruptcy. Negotiating a Waiver of the Lender's Right to Seek a Deficiency Judgment. Making a Settlement Offer. Taking the Chance that Your Lender Won't Actually Sue You for the Deficiency.

Judgments in SC last ten years and do not renew.

A deficiency judgment will remain on your credit report for seven years. If the judgment remains unpaid, however, your creditor may apply with the court to have the judgment renewed for another seven-year period.

If your lender sues you to recover the deficiency and wins, the court will issue a judgment ordering you to pay off the deficiency. If you ignore this court order, your lender can use the deficiency judgment to place liens on other property that you own, garnish your wages, or freeze your bank accounts.

Even after a deficiency judgment is entered, your lender still may work out an agreeable payment plan with you. You can try to negotiate a payment by calling the lender or the lender's attorney. Almost every lender's attorney will take your call, and at least listen to payment offers that you make.

If you refuse to pay, the debt will most likely be sold to collections. But either the lender or the collector can choose to file a lawsuit against you, which could result in a wage garnishment, a levy against your bank account or a lien against your other property.

Also, it's possible to negotiate a reduced deficiency or pay a lump-sum settlement regarding any remaining debt associated with the transaction. Be aware that you might have tax consequences if the lender forgives all or some of the deficiency. You might also consider filing for bankruptcy.

1Declaring Bankruptcy.2Negotiating a Waiver of the Lender's Right to Seek a Deficiency Judgment.3Making a Settlement Offer.4Taking the Chance that Your Lender Won't Actually Sue You for the Deficiency.

North Carolina Deficiency Judgment

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FAQ

Is North Carolina a non recourse state?

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