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 Broward Florida Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal document filed in the Broward County Court, requesting the court to grant a judgment against a borrower for the remaining amount owed on a loan after a property has been foreclosed and sold through a trustee or deed of trust. In Broward County, Florida, there are specific types of Complaints or Petitions to Recover Deficiency after Sale under Trust Deed or Deed of Trust that may be filed, such as: 1. Judicial Foreclosure with Deficiency: When a borrower defaults on a loan secured by a trust deed or deed of trust in Broward County, the lender may initiate a foreclosure action in the Broward County Court. After the foreclosure sale, if the sale price of the property is insufficient to cover the outstanding balance of the loan, the lender can file a Complaint or Petition to Recover Deficiency to seek a court judgment against the borrower for the remaining deficiency amount. 2. Non-Judicial Foreclosure with Deficiency: In some cases, a trust deed or deed of trust may contain a power of sale clause, allowing the lender to bypass the court system and proceed with a non-judicial foreclosure. After the property is sold through this process, if there is still a deficiency between the sale price and the outstanding loan balance, the lender can file a Complaint or Petition to Recover Deficiency in Broward County Court. 3. Post-Foreclosure Sale Mediation: Broward County offers a foreclosure mediation program that allows borrowers and lenders to negotiate a resolution after a foreclosure sale. If an agreement cannot be reached during the mediation process, either party may proceed with a Complaint or Petition to Recover Deficiency to seek a court judgment for the deficiency amount. In Broward County, Florida, it is essential to properly draft and file a Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust, ensuring compliance with Florida's foreclosure laws and rules of civil procedure. It is advisable to consult with a qualified attorney experienced in foreclosure and real estate law to help navigate the complexities of these legal proceedings and increase the chances of a successful outcome.A Broward Florida Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal document filed in the Broward County Court, requesting the court to grant a judgment against a borrower for the remaining amount owed on a loan after a property has been foreclosed and sold through a trustee or deed of trust. In Broward County, Florida, there are specific types of Complaints or Petitions to Recover Deficiency after Sale under Trust Deed or Deed of Trust that may be filed, such as: 1. Judicial Foreclosure with Deficiency: When a borrower defaults on a loan secured by a trust deed or deed of trust in Broward County, the lender may initiate a foreclosure action in the Broward County Court. After the foreclosure sale, if the sale price of the property is insufficient to cover the outstanding balance of the loan, the lender can file a Complaint or Petition to Recover Deficiency to seek a court judgment against the borrower for the remaining deficiency amount. 2. Non-Judicial Foreclosure with Deficiency: In some cases, a trust deed or deed of trust may contain a power of sale clause, allowing the lender to bypass the court system and proceed with a non-judicial foreclosure. After the property is sold through this process, if there is still a deficiency between the sale price and the outstanding loan balance, the lender can file a Complaint or Petition to Recover Deficiency in Broward County Court. 3. Post-Foreclosure Sale Mediation: Broward County offers a foreclosure mediation program that allows borrowers and lenders to negotiate a resolution after a foreclosure sale. If an agreement cannot be reached during the mediation process, either party may proceed with a Complaint or Petition to Recover Deficiency to seek a court judgment for the deficiency amount. In Broward County, Florida, it is essential to properly draft and file a Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust, ensuring compliance with Florida's foreclosure laws and rules of civil procedure. It is advisable to consult with a qualified attorney experienced in foreclosure and real estate law to help navigate the complexities of these legal proceedings and increase the chances of a successful outcome.
