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

State:
Multi-State
Control #:
US-01525BG
Format:
Word; 
Rich Text
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.

Free preview
  • Preview Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust
  • Preview Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust
  • Preview Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust
  • Preview Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust
  • Preview Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

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

You may devote time on-line looking for the legitimate document design that fits the state and federal needs you will need. US Legal Forms gives 1000s of legitimate types that happen to be evaluated by professionals. You can actually download or produce the Texas Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust from the service.

If you already have a US Legal Forms bank account, you may log in and click the Acquire button. After that, you may total, revise, produce, or indicator the Texas Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust. Every single legitimate document design you get is yours forever. To have one more duplicate of any obtained form, visit the My Forms tab and click the corresponding button.

If you work with the US Legal Forms site initially, follow the straightforward recommendations listed below:

  • Initially, ensure that you have chosen the proper document design for that region/metropolis of your liking. Look at the form explanation to make sure you have chosen the proper form. If readily available, make use of the Preview button to check from the document design also.
  • If you want to locate one more variation from the form, make use of the Look for field to obtain the design that suits you and needs.
  • After you have located the design you would like, click on Get now to move forward.
  • Select the rates program you would like, type your references, and sign up for an account on US Legal Forms.
  • Full the deal. You may use your Visa or Mastercard or PayPal bank account to cover the legitimate form.
  • Select the structure from the document and download it in your system.
  • Make adjustments in your document if required. You may total, revise and indicator and produce Texas Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust.

Acquire and produce 1000s of document templates utilizing the US Legal Forms Internet site, which provides the biggest collection of legitimate types. Use specialist and state-particular templates to tackle your small business or person needs.

Form popularity

FAQ

The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.

Section 51.001 of the Texas Property Code defines a ?Trustee? as ?a person or persons authorized to exercise the power of sale under the terms of a security instrument . . .? (Section 51.001(8)) and a ?Substitute Trustee? as ?a person appointed by the current mortgagee or mortgage servicer under the terms of the ...

Section 51.001 of the Texas Property Code defines a ?Trustee? as ?a person or persons authorized to exercise the power of sale under the terms of a security instrument . . .? (Section 51.001(8)) and a ?Substitute Trustee? as ?a person appointed by the current mortgagee or mortgage servicer under the terms of the ...

In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. In most cases, the document shows that a loan has been paid off. Property owners may even receive this document if they have refinanced a loan.

In Texas, a deed of trust, also known as a trust deed, is the commonly used instrument for the purpose of creating mortgage liens on real estate. A mortgage is an executed contract in which the legal or equitable owner of the real property pledges the title thereto as security for performance of an obligation.

Lenders in Texas customarily use a release of lien when the loan secured by a deed of trust has been paid in full or otherwise satisfied. The release of lien is recorded in the county where the real property collateral is located.

Under Texas Property Code Section 51.003, the borrower or guarantor in such a suit has the right to request a determination of the fair market value of the property. If the court determines the fair market value is greater than the sale price, the borrower is entitled to an offset against the deficiency.

This is the person or entity that is authorized by the Grantor/Borrower to sell the property if there is a default or failure to comply with the Real Estate Loan documents. The Trustee is usually the person that prepares the Deed of Trust. It is usually a lawyer or an employee of the Lender.

Trusted and secure by over 3 million people of the world’s leading companies

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