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

Sacramento California Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

Name: Sacramento California 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:

Sacramento

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 Sacramento California Complaint Or Petition To Recover Deficiency After Sale Under Trust Deed Or Deed Of Trust?

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FAQ

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.

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.).

The 90day delinquency rate is a measure of serious delinquencies. It captures borrowers that have missed three or more payments. This rate measures more severe economic distress.

The foreclosure sale date for non-agricultural property is set between 110 and 125 calendar days after the recording of the Notice of Election and Demand, for agricultural property the sale date is set between 215 and 230 calendar days. Agricultural property is based on assessment by the County Assessors Office.

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.

You could owe a "deficiency balance" if the property value doesn't cover the cost of your outstanding debt obligation. When a deficiency balance is owed, the lender can take certain steps (including legal action) to claim the remaining debt.

When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.

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).

The trustee's sale or auction occurs approximately three weeks after the Notice of Sale. The opening bid is typically the amount owed on the note plus foreclosure fees. Foreclosure auctions are usually cash or cashier's check only. Typically, the lender bids the first bid for this amount.

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.

More info

An article from legal self-help publisher Nolo on how lenders can obtain deficiency judgments after a foreclosure sale. Distribution of Excess Funds.The Title and License Manual is provided primarily as a reference guide for titling and licensing vehicles in the State of North. Carolina. Principal and interest due in full upon refinance, sale or end of Term. Fill out the form to access a sample of Practical Guidance.

Sacramento California Complaint or Petition to Recover Deficiency after Sale under Trust Deed or Deed of Trust

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What is a deficiency judgment and what are the consequences for the borrower?

How is deficiency Judgement calculated?

What is a 90 day default?

How soon after a notice of election and demand is recorded can a foreclosure sale be held for agricultural property in Colorado?

How long does a deficiency judgments stay on credit?

How do I know if I owe a deficiency?

Can a bank sue for deficiency after foreclosure?

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What is an action for deficiency judgment initiated?

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