Can a bank go after you after foreclosure?

Written by Attorney John Coble. If your home is foreclosed on, the lender will sell it and you'll have to find a new place to live. If the sale proceeds don't cover what you owed on your mortgage, the lender may go after you for the difference. This is called a deficiency.

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Complaint or Petition to Recover Deficiency after Sale under Trust...

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

Name: Alameda California Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust
Brand: US Legal Forms
Rating: 4.78 (306 reviews)

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Alameda

Control #:

US-01525BG

Format:

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.

Alameda California Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal proceeding initiated by a lender when the sale of a property through a trust deed or deed of trust does not fully satisfy the outstanding loan balance. In such cases, the lender may request the court to order the borrower to repay the remaining deficiency amount. Types of Alameda California Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust: 1. Judicial Foreclosure: When a borrower defaults on their mortgage, the lender can file a judicial foreclosure complaint in Alameda, California. This initiates the legal process to recover the outstanding loan amount. 2. Non-Judicial Foreclosure: In certain cases, lenders may choose to pursue a non-judicial foreclosure process under the power of sale provision in the trust deed or deed of trust. However, if the sale does not fully cover the outstanding debt, the lender can file a complaint or petition to recover the deficiency. 3. Judicial Review of Trustee's Sale: This type of complaint or petition challenges the validity of a trustee's sale conducted under a trust deed or deed of trust. If the borrower believes that the sale was conducted improperly or unfairly, they can file a complaint seeking a judicial review of the trustee's sale. Keywords: — Alameda California complain— - Alameda California petition — recover deficiencantenatalal— - trust deed — deed of trust - len—er - borrowe— - outstanding loan balancforeclosuresur— - judicial foreclosure - non-judicial foreclosure — poweOsakaal— - deficiency amount - trustee's sale — judicial review

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

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FAQ

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 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.

You can fight a nonjudicial foreclosure by filing a lawsuit, either on your own or with the help of an attorney. In states that allow deficiency judgments, courts can file one against you whether your lender completed a judicial or nonjudicial foreclosure against your property.

Deficiency judgment is money awarded to creditors when assets securing a loan do not cover the debt owed by a debtor. When a debtor becomes insolvent, a creditor can repossess the asset securing the loan, and then sell the asset to recover the debt.

A deficiency judgment is a court order allowing a lender to collect additional money from a debtor who has defaulted on a loan if selling the property that secured the loan isn't sufficient to pay off the entire debt.

3d DCA 1994) (The correct formula to calculate a deficiency judgment is the total debt, as secured by the final judgment of foreclosure, minus the fair market value of the property, as determined by the court.).

When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.

Written by Attorney John Coble. If your home is foreclosed on, the lender will sell it and you'll have to find a new place to live. If the sale proceeds don't cover what you owed on your mortgage, the lender may go after you for the difference. This is called a deficiency.

Bankruptcy Can Eliminate a Deficiency Judgment With the judgment, the lender can potentially garnish your wages or go after your assets to collect its debt. But like many other dischargeable debts, you can eliminate your liability for a deficiency judgment by filing for Chapter 7 or Chapter 13 bankruptcy.

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Deed of trust hall be used instead of charge mortgage agreement. In the HomeStreet Loan Documents, including the HomeStreet Guaranty.This section provides information about petitions for approval of a compromise of a disputed claim for a minor or person with a disability. Broker notifies other brokers of property for sale. Fill out the form to access a sample of Practical Guidance. This was an action for a deficiency judgment after a sale of property un- der a deed of trust. The following points of law were in- volved and decided:. Mortgage or deed of trust, including an action for a deficiency. City of Albany may or may not fill out Seller Vacant Land disclosures.

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

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