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 deficiency judgments.
What is deficiency in real estate?
A “deficiency” is the difference between the amount owed on a loan and the total amount received/collected at the closing of a loan. A deficiency judgment is a court judgment that is a public record of the amount owed and by whom.
Is Texas A deficiency state?
Texas law allows lenders to pursue deficiency judgments after foreclosure. A deficiency judgment arises when the proceeds from a foreclosure sale fail to satisfy the outstanding mortgage balance, and a lender wins a lawsuit seeking payment of the difference.
Is Georgia a deficiency state?
In most states, including Georgia, if a foreclosure sale results in a deficiency, the lender may get a “deficiency judgment” against the borrower for the deficiency amount. But Georgia law requires the lender to follow specific post-sale procedures; otherwise, it can’t get a deficiency judgment.
What is a mortgage called in Georgia?
Deed to Secure Debt
Is a deed the same as a title?
The Difference Between A Title And A Deed A deed is an official written document declaring a person’s legal ownership of a property, while a title refers to the concept of ownership rights. In this way, a book title and a property title are the same: neither are physical objects, but rather concepts.
Is a gift deed a real deed?
A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee), typically between family members or close friends. Gift deeds are also used to donate to a non-profit organization or charity.
What are the different types of property titles?
Titles can be issued to depict ownership of both personal and real property. The different types of real estate title are joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property.
What are three types of property?
In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).