Deficiency judgments after foreclosure

Assignment Help Business Management

Reference no: EM133937669

Question

REAL ESTATE LAW: Most states, including Florida, allow for what are known as "deficiency judgments" after foreclosure. What this means is that the lender and sue the borrower for the difference between amount obtained by selling the foreclosed property and the remaining balance on the note. However, a minority of states only allow these judgments in certain circumstances. A number of these jurisdictions which have "non-judicial foreclosure" state that if the lender chooses non-judicial foreclosure, they are waiving their right to a deficiency judgment. Does it make more sense to allow for deficiency judgments or are there ancillary consequences which occur with this process? In states which limit the ability to collect deficiency judgments, are their economic benefits or disadvantages and if so, what are they?

Reference no: EM133937669

Questions Cloud

Adopt broader perspective focusing on productivity : Why should a company's sexual harassment policy adopt a broader perspective focusing on productivity? Explain

Amos is on trial for ambush shooting : Amos is on trial for the ambush shooting his neighbor Mr. Pence. The prosecution calls Mrs. Pence to the stand to testify that day before her husband was killed

Explain the defenses to charges of assault and battery : Discuss the torts that protect against intentional interference with persons. Explain the defenses to charges of assault and battery.

Does adverse possession make sense as social policy : The statutory period in Indiana is 20 years. Who wins? Who ought to win? Does adverse possession make sense as a social policy? Why or why not?

Deficiency judgments after foreclosure : REAL ESTATE LAW: Most states, including Florida, allow for what are known as deficiency judgments after foreclosure.

The Sale of Goods Act : Daniel purchased an expensive painting from Josh for RM60,000 to be paid in three equal instalments.

When does hostile work environment exist : What is the penalty for a New Hampshire employer who fails to carry worker's compensation coverage? When does a hostile work environment exist?

National Labor Relations Act : Explain whether it violates the law of The National Labor Relations Act (NLRA) or Some other federal laws that affect the employment relationship.

Snc-lavalin once their actions became public knowledge : Should Canada have charged SNC-Lavalin once their actions became public knowledge?

User Account

All Pages