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Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
Depending on state law, the lender can try to collect for years, and even renew the order if necessary. Deficiency judgment example Say a mortgage borrower in default owes $200,000 on a loan for a ...
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. [1] The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
An interlocutory decree is a provisional or preliminary order that determines issues of fact or law in advance of a final decree, but leaves other issues to be resolved and thus does not resolve the litigation. [15] It is usually not appealable, although preliminary injunctions by federal courts are appealable even though interlocutory. [16]
Each U.S. state has a recording act, a statute which dictates the legal procedure by which an individual claiming an interest in real property (real estate) formally establishes their claim to that property. The recordation of property rights becomes particularly significant where an unscrupulous dealer in land purports to sell the same tract ...
A vacated judgment is rendered where the original judgment failed to make an order in accordance with the law and a new trial is ordered to ensure a just outcome. The process of vacating a judgment is sometimes referred to as vacatur. [24] The result of a vacated judgment is a trial de novo.
In England and Wales, the minimum interval between the granting of decree nisi and that of decree absolute was amended by the Family Law Act 1996 [4] and is now six weeks. In practice, courts use an interval of six weeks and one day. Another exception regarding orders nisi is where a creditor seeks to place a charge on land for money owed.