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.
Hillsborough Florida Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal document filed by a creditor or lender seeking to obtain a judgment for the remaining balance owed by a borrower after the foreclosure sale of a property secured by a trust deed or deed of trust. This deficiency arises when the proceeds from the foreclosure sale are insufficient to cover the outstanding debt. In Hillsborough County, Florida, there may be variations of Complaints or Petitions to Recover Deficiency after Sale under Trust Deed or Deed of Trust, depending on the specific circumstances of the case. These could include: 1. Residential Property Deficiency Complaint: This type of complaint is typically filed when a residential property, such as a home or condominium unit, is foreclosed upon, and there remains an outstanding deficiency after the sale. 2. Commercial Property Deficiency Petition: In cases where a commercial property, such as a retail store or office building, is foreclosed, a creditor might file a petition to recover the deficiency amount unpaid by the borrower. 3. Second Mortgage Deficiency Complaint: If the property in question has multiple mortgages or liens, a separate complaint may be filed to recover the deficiency remaining after the sale of the property, specifically targeting the second mortgage. 4. Junior Lien holder's Petition for Deficiency: In situations where the foreclosed property has multiple liens, a junior lien holder, whose lien is subordinate to another, can file a petition to recover the deficiency against the borrower. The purpose of filing a Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is to obtain a judgment from the court, allowing the creditor to legally collect the remaining unpaid debt from the borrower. It is important to consult with an experienced attorney familiar with local laws and foreclosure processes in Hillsborough County, Florida, to ensure proper filing of the complaint or petition and to understand the specific requirements and procedures involved.Hillsborough Florida Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is a legal document filed by a creditor or lender seeking to obtain a judgment for the remaining balance owed by a borrower after the foreclosure sale of a property secured by a trust deed or deed of trust. This deficiency arises when the proceeds from the foreclosure sale are insufficient to cover the outstanding debt. In Hillsborough County, Florida, there may be variations of Complaints or Petitions to Recover Deficiency after Sale under Trust Deed or Deed of Trust, depending on the specific circumstances of the case. These could include: 1. Residential Property Deficiency Complaint: This type of complaint is typically filed when a residential property, such as a home or condominium unit, is foreclosed upon, and there remains an outstanding deficiency after the sale. 2. Commercial Property Deficiency Petition: In cases where a commercial property, such as a retail store or office building, is foreclosed, a creditor might file a petition to recover the deficiency amount unpaid by the borrower. 3. Second Mortgage Deficiency Complaint: If the property in question has multiple mortgages or liens, a separate complaint may be filed to recover the deficiency remaining after the sale of the property, specifically targeting the second mortgage. 4. Junior Lien holder's Petition for Deficiency: In situations where the foreclosed property has multiple liens, a junior lien holder, whose lien is subordinate to another, can file a petition to recover the deficiency against the borrower. The purpose of filing a Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust is to obtain a judgment from the court, allowing the creditor to legally collect the remaining unpaid debt from the borrower. It is important to consult with an experienced attorney familiar with local laws and foreclosure processes in Hillsborough County, Florida, to ensure proper filing of the complaint or petition and to understand the specific requirements and procedures involved.
