How Long After Foreclosure Can Bank Sue For Deficiency? To get the deficiency judgment, the bank has to file an application with the court within three months of the foreclosure sale. The judge will then hold a fair value hearing to determine the property’s value. When can a lender obtain a deficiency judgment? Deficiency Judgments
Is California A Non Deficiency State? A state with one of the most stringent anti-deficiency laws is California. California CCP § 580b(3) states that no deficiency judgment shall lie under a deed of trust or mortgage on a dwelling for not more than four families given to a lender to secure repayment of a loan
What Is A Deficiency State? In the context of a foreclosure, a “deficiency” is the difference between what a borrower owes on a mortgage loan and the price at which the house is sold at a foreclosure sale. … An “anti-deficiency law” is a state statute (law) that prohibits foreclosing banks from suing borrowers for
Does Indiana Allow Deficiency Judgments? Does Indiana allow deficiency judgments? The difference between the sale price and the total debt is called a “deficiency balance.” Many states, including Indiana, allow the lender to get a personal judgment, called a “deficiency judgment,” for this amount against the borrower. Generally, deficiency judgments are allowed in Indiana. Which