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.
Franklin Ohio Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal process initiated by a lender to recover the remaining loan balance from a borrower after the sale of a property that served as collateral for a trust deed or deed of trust. This complaint or petition is filed in court to seek a judgment against the borrower for the deficiency amount. There are two common types of complaints or petitions that can be filed in Franklin Ohio for this purpose: 1. Franklin Ohio Complaint to Recover Deficiency after Sale under Trust Deed or Deed of Trust: This type of complaint is filed when a borrower defaults on their loan, leading to the sale of the property through a foreclosure process. If the sale proceeds are not sufficient to cover the outstanding loan balance, the lender files a complaint in court to recover the deficiency amount. 2. Franklin Ohio Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust: This petition is similar to a complaint, but it may be filed in cases where the lender wants to initiate an alternative legal process, such as a nonjudicial foreclosure. The lender files a petition in court, requesting a judgment for the deficiency amount after the property is sold. Both the complaint and the petition focus on recovering the remaining loan balance owed by the borrower after the sale of the property. Lenders typically hire an attorney who specializes in real estate law to draft these legal documents accurately and present a strong case to the court. To initiate the Franklin Ohio Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust, lenders should provide specific details related to the loan, foreclosure process, and the sale of the property. Key information to include in the document would be the borrower's name, the property address, the outstanding loan balance, the foreclosure sale date, the sale price of the property, and any other relevant supporting documentation. Remember to consult with a qualified legal professional regarding the specific requirements and procedures for filing a Franklin Ohio Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust, as they may vary based on individual circumstances and local regulations.Franklin Ohio Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal process initiated by a lender to recover the remaining loan balance from a borrower after the sale of a property that served as collateral for a trust deed or deed of trust. This complaint or petition is filed in court to seek a judgment against the borrower for the deficiency amount. There are two common types of complaints or petitions that can be filed in Franklin Ohio for this purpose: 1. Franklin Ohio Complaint to Recover Deficiency after Sale under Trust Deed or Deed of Trust: This type of complaint is filed when a borrower defaults on their loan, leading to the sale of the property through a foreclosure process. If the sale proceeds are not sufficient to cover the outstanding loan balance, the lender files a complaint in court to recover the deficiency amount. 2. Franklin Ohio Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust: This petition is similar to a complaint, but it may be filed in cases where the lender wants to initiate an alternative legal process, such as a nonjudicial foreclosure. The lender files a petition in court, requesting a judgment for the deficiency amount after the property is sold. Both the complaint and the petition focus on recovering the remaining loan balance owed by the borrower after the sale of the property. Lenders typically hire an attorney who specializes in real estate law to draft these legal documents accurately and present a strong case to the court. To initiate the Franklin Ohio Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust, lenders should provide specific details related to the loan, foreclosure process, and the sale of the property. Key information to include in the document would be the borrower's name, the property address, the outstanding loan balance, the foreclosure sale date, the sale price of the property, and any other relevant supporting documentation. Remember to consult with a qualified legal professional regarding the specific requirements and procedures for filing a Franklin Ohio Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust, as they may vary based on individual circumstances and local regulations.
