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

Queens New York Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

Name: Queens New York 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:

Queens

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.

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How to fill out Queens New York 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 7 years. If you apply for a mortgage, car loan, credit card or other loan, lenders will see this negative judgment until it falls off your report. Your credit score will also suffer if a court files a deficiency judgment against you.

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.

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.

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.

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

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.).

It may be possible to fight the collection efforts or limit how much collectors can take, but you need a skilled attorney to review your case. Bankruptcy might also be an option for wiping out a deficiency judgment, but there will be side-effects (including potential damage to your credit).

A deficiency lawsuit is like a lawsuit to recover an unsecured debtsuch as credit card debt or medical billsbecause the deficiency is exactly that, an unsecured debt. Before the foreclosure, your mortgage was a secured debt; you owed your bank a certain amount of money and your home guaranteed repayment.

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Limitations applicable to actions not otherwise specifically provided for. Sale of trust property; deficiency; action; judgment; amount.Borrowers who are left facing a large deficiency judgment after foreclosure often turn to bankruptcy in order to protect their assets.

Queens New York Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

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FAQ

How long does a deficiency judgments stay on credit?

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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?

What is an action for deficiency judgment initiated?

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Interesting Questions

What is a Queens Complaint?

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Who can file a Queens Complaint to recover deficiency after sale?

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What happens after filing a Queens Complaint?

Can a borrower dispute a deficiency after sale?

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