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

Philadelphia Pennsylvania Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

Name: Philadelphia Pennsylvania 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:

Philadelphia

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.

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

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FAQ

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.

A deed in lieu of foreclosure is a document that transfers the title of a property from the property owner to their lender in exchange for relief from the mortgage debt.

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.

Three parties must be involved with any deed of trust: Trustor: This party is the borrower. A trustor is sometimes called an obligor. Trustee: As a third party to a deed of trust, the trustee holds the property's legal title. Beneficiary: This party is the lender.

California's Code of Civil Procedure (CCP) says that when the lender forecloses through its power of sale, it must go through a judicial foreclosure process to get a deficiency. This means the lender has to take legal action and get a court order to foreclose, usually from a superior court.

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.

A foreclosure sale under a deed of trustalso called a trustee's saleis done without court involvement. This nonjudicial foreclosure process is used in most states that allow a deed of trust, and it benefits lenders.

Utah remains one of the states that allow banks to sue a home owner after a foreclosure for any amount still owing on the loan. This type of lawsuit is euphemistically called a deficiency action.

Defaults and foreclosures result. A DEFAULT is the breach of one or more of the conditions or terms of a loan agreement. When a default occurs, the ACCELERATION CLAUSE contained in all loan contracts is activated, allowing the lender to declare the full amount of the debt immediately due and payable.

(23) Trustee. The trustee or substitute then serving as such under the terms of a deed of trust.

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Sale of trust property; deficiency; action; judgment; amount. City of Philadelphia's Residential Mortgage Foreclosure Diversion Program .From time to time (the "Bond Trust Deed") entered into by.

Philadelphia Pennsylvania Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

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What is an action for deficiency judgment initiated?

What is the term used when the borrower deeds the property to the lender as an alternative to having the lender foreclose on the property?

What happens in deficiency Judgement?

What the term for the person who places property into a trust often through what is called a deed of trust?

Which of the foreclosure process ends with a deficiency judgment?

How do you fight a deficiency Judgement?

What type of foreclosure process is used with deeds of trust?

What is a deficiency action?

When a breach occurs in one or more of the terms or conditions of a loan agreement results in a default which clause in note or deed of trust is activated?

What term describes the person who executes a deed of trust to encumber the person's interest in the property as security for the borrower's obligations?

Interesting Questions

What is a trust deed or deed of trust?

What is a deficiency after sale?

Can I file a complaint or petition to recover deficiency after sale in Philadelphia?

What is a deficiency judgment?

What are the steps to file a complaint or petition to recover deficiency after sale in Philadelphia?

Can I recover the full deficiency amount under a trust deed or deed of trust?

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