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.
Mecklenburg County, located in North Carolina, has legal provisions for a type of judgment known as Mecklenburg North Carolina Deficiency Judgment, which arises in the context of mortgage foreclosure proceedings. A deficiency judgment occurs when the foreclosure sale of a property does not fully cover the outstanding mortgage debt, and the lender pursues a judgment against the borrower for the remaining unpaid balance. In Mecklenburg County, there are two primary types of deficiency judgments that can be pursued: in rem and in personam deficiency judgments. 1. In Rem Deficiency Judgment: This type of deficiency judgment is filed against the property itself rather than the borrower personally. It allows the lender to seek repayment from any excess funds generated from the property's foreclosure sale. If the sale proceeds do not fulfill the remaining mortgage amount, the lender can initiate an in rem deficiency judgment to recover the difference. This means that the borrower is not directly responsible for the outstanding balance; instead, the property acts as collateral. 2. In Personal Deficiency Judgment: In this case, the deficiency judgment is specifically filed against the borrower personally, and it allows the lender to seek repayment beyond the foreclosure sale proceeds. If the foreclosure sale does not generate enough funds to satisfy the remaining mortgage debt, the lender has the right to pursue the borrower for the outstanding balance. This type of judgment holds the borrower liable for the deficiency amount, even if the property is no longer owned. Both in rem and in personam deficiency judgments in Mecklenburg County are subject to certain legal requirements and limitations. The lender must follow the appropriate legal procedures, including providing proper notice to the borrower, filing the necessary court documents, and obtaining a court order to pursue the deficiency judgment. It is important for borrowers facing foreclosure to be aware of their rights and seek legal counsel to understand the implications and potential obligations associated with deficiency judgments. Keywords: Mecklenburg North Carolina, deficiency judgment, mortgage foreclosure, in rem deficiency judgment, in personam deficiency judgment, foreclosure sale, outstanding mortgage debt, legal procedures, borrower's obligations, legal counsel.Mecklenburg County, located in North Carolina, has legal provisions for a type of judgment known as Mecklenburg North Carolina Deficiency Judgment, which arises in the context of mortgage foreclosure proceedings. A deficiency judgment occurs when the foreclosure sale of a property does not fully cover the outstanding mortgage debt, and the lender pursues a judgment against the borrower for the remaining unpaid balance. In Mecklenburg County, there are two primary types of deficiency judgments that can be pursued: in rem and in personam deficiency judgments. 1. In Rem Deficiency Judgment: This type of deficiency judgment is filed against the property itself rather than the borrower personally. It allows the lender to seek repayment from any excess funds generated from the property's foreclosure sale. If the sale proceeds do not fulfill the remaining mortgage amount, the lender can initiate an in rem deficiency judgment to recover the difference. This means that the borrower is not directly responsible for the outstanding balance; instead, the property acts as collateral. 2. In Personal Deficiency Judgment: In this case, the deficiency judgment is specifically filed against the borrower personally, and it allows the lender to seek repayment beyond the foreclosure sale proceeds. If the foreclosure sale does not generate enough funds to satisfy the remaining mortgage debt, the lender has the right to pursue the borrower for the outstanding balance. This type of judgment holds the borrower liable for the deficiency amount, even if the property is no longer owned. Both in rem and in personam deficiency judgments in Mecklenburg County are subject to certain legal requirements and limitations. The lender must follow the appropriate legal procedures, including providing proper notice to the borrower, filing the necessary court documents, and obtaining a court order to pursue the deficiency judgment. It is important for borrowers facing foreclosure to be aware of their rights and seek legal counsel to understand the implications and potential obligations associated with deficiency judgments. Keywords: Mecklenburg North Carolina, deficiency judgment, mortgage foreclosure, in rem deficiency judgment, in personam deficiency judgment, foreclosure sale, outstanding mortgage debt, legal procedures, borrower's obligations, legal counsel.
