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.
Wake North Carolina deficiency judgment refers to a legal process in which a creditor seeks to recover the remaining balance on a loan after a foreclosure sale or repossession of a property in Wake County, North Carolina. In simple terms, it is the amount of money that a borrower owes to a lender after the sale of their property does not fully satisfy the debt. When a foreclosure occurs in Wake County, the property is usually sold at a public auction. If the sale price of the property is less than the outstanding loan balance, the lender may pursue a deficiency judgment against the borrower to collect the remaining debt. There are primarily two types of deficiency judgments in Wake North Carolina: 1. Judicial deficiency judgment: In this type of deficiency judgment, the lender files a lawsuit against the borrower in the North Carolina court system. The court evaluates the evidence, including the outstanding debt, the fair market value of the property, and any other relevant factors, to determine the deficiency amount. If the court grants the judgment, the lender can proceed with collection actions, such as wage garnishment or property liens, to recover the deficiency. 2. Non-Judicial deficiency judgment: This type of deficiency judgment occurs when the lender and borrower agree to a contractual provision allowing the lender to pursue a deficiency judgment without going through a court process. The terms and conditions are typically outlined in the loan agreement or a separate agreement between the parties. The lender can directly approach the borrower for payment or employ collection agencies or legal professionals to recover the deficiency. It is important to note that North Carolina has specific laws governing foreclosure and deficiency judgments. In the case of non-judicial foreclosure, the lender must follow specific notice requirements and adhere to the terms outlined in the deed of trust. Additionally, there may be limitations on the availability and enforcement of deficiency judgments, such as time restrictions or restrictions on certain types of loans. In conclusion, a Wake North Carolina deficiency judgment is the legal pursuit of remaining debt by a lender after a property foreclosure or repossession has not fully satisfied the outstanding loan balance. Two primary types include judicial and non-judicial deficiency judgments. Borrowers facing potential deficiency judgments should consult with legal professionals to understand their rights and obligations.Wake North Carolina deficiency judgment refers to a legal process in which a creditor seeks to recover the remaining balance on a loan after a foreclosure sale or repossession of a property in Wake County, North Carolina. In simple terms, it is the amount of money that a borrower owes to a lender after the sale of their property does not fully satisfy the debt. When a foreclosure occurs in Wake County, the property is usually sold at a public auction. If the sale price of the property is less than the outstanding loan balance, the lender may pursue a deficiency judgment against the borrower to collect the remaining debt. There are primarily two types of deficiency judgments in Wake North Carolina: 1. Judicial deficiency judgment: In this type of deficiency judgment, the lender files a lawsuit against the borrower in the North Carolina court system. The court evaluates the evidence, including the outstanding debt, the fair market value of the property, and any other relevant factors, to determine the deficiency amount. If the court grants the judgment, the lender can proceed with collection actions, such as wage garnishment or property liens, to recover the deficiency. 2. Non-Judicial deficiency judgment: This type of deficiency judgment occurs when the lender and borrower agree to a contractual provision allowing the lender to pursue a deficiency judgment without going through a court process. The terms and conditions are typically outlined in the loan agreement or a separate agreement between the parties. The lender can directly approach the borrower for payment or employ collection agencies or legal professionals to recover the deficiency. It is important to note that North Carolina has specific laws governing foreclosure and deficiency judgments. In the case of non-judicial foreclosure, the lender must follow specific notice requirements and adhere to the terms outlined in the deed of trust. Additionally, there may be limitations on the availability and enforcement of deficiency judgments, such as time restrictions or restrictions on certain types of loans. In conclusion, a Wake North Carolina deficiency judgment is the legal pursuit of remaining debt by a lender after a property foreclosure or repossession has not fully satisfied the outstanding loan balance. Two primary types include judicial and non-judicial deficiency judgments. Borrowers facing potential deficiency judgments should consult with legal professionals to understand their rights and obligations.