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.
A Kansas Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal document filed by a lender or creditor to seek a deficiency judgment against a borrower or debtor after the foreclosure sale of a property. This type of complaint or petition allows the lender to recover any remaining amount owed on the loan after the sale proceeds are applied. Keywords: Kansas, complaint, petition, recover deficiency, sale, trust deed, deed of trust, foreclosure, lender, creditor, borrower, debtor, deficiency judgment, loan. Types of Kansas Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust can include: 1. Residential Mortgage Loan Foreclosure: This type of complaint or petition is filed when a residential property, such as a house or condominium, is foreclosed upon and the lender wishes to recover the outstanding balance after the sale. 2. Commercial Mortgage Loan Foreclosure: In the case of commercial properties like office buildings, retail spaces, or industrial properties, this complaint or petition is filed to recover the deficiency amount following a foreclosure sale. 3. Agricultural Property Foreclosure: If a lender holds a trust deed or deed of trust on agricultural land or farms, this type of complaint or petition may be filed to recover any shortfall after the foreclosure sale. 4. Second Mortgage or Junior Lien Foreclosure: When a borrower defaults on their first mortgage but has additional loans secured by subsequent mortgages or liens, a complaint or petition to recover the deficiency on the secondary loans can be filed after the foreclosure sale of the property. In each case, the lender or creditor must follow specific procedures outlined in Kansas state law to initiate the complaint or petition, provide proper notice to the borrower, and present evidence supporting the amount of deficiency being claimed. It is essential for all parties involved to seek legal advice to ensure compliance with the Kansas foreclosure statutes and protect their rights and interests.A Kansas Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal document filed by a lender or creditor to seek a deficiency judgment against a borrower or debtor after the foreclosure sale of a property. This type of complaint or petition allows the lender to recover any remaining amount owed on the loan after the sale proceeds are applied. Keywords: Kansas, complaint, petition, recover deficiency, sale, trust deed, deed of trust, foreclosure, lender, creditor, borrower, debtor, deficiency judgment, loan. Types of Kansas Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust can include: 1. Residential Mortgage Loan Foreclosure: This type of complaint or petition is filed when a residential property, such as a house or condominium, is foreclosed upon and the lender wishes to recover the outstanding balance after the sale. 2. Commercial Mortgage Loan Foreclosure: In the case of commercial properties like office buildings, retail spaces, or industrial properties, this complaint or petition is filed to recover the deficiency amount following a foreclosure sale. 3. Agricultural Property Foreclosure: If a lender holds a trust deed or deed of trust on agricultural land or farms, this type of complaint or petition may be filed to recover any shortfall after the foreclosure sale. 4. Second Mortgage or Junior Lien Foreclosure: When a borrower defaults on their first mortgage but has additional loans secured by subsequent mortgages or liens, a complaint or petition to recover the deficiency on the secondary loans can be filed after the foreclosure sale of the property. In each case, the lender or creditor must follow specific procedures outlined in Kansas state law to initiate the complaint or petition, provide proper notice to the borrower, and present evidence supporting the amount of deficiency being claimed. It is essential for all parties involved to seek legal advice to ensure compliance with the Kansas foreclosure statutes and protect their rights and interests.
