Insult to Injury: Deficiency Judgements
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This document discusses deficiency judgments that lenders can pursue against borrowers after a foreclosure. It explains that a deficiency judgment is a money judgment for the difference between what is owed and the value of the foreclosed property. Even if a third party buys the property at foreclosure for less than what is owed, the lender can still seek a deficiency judgment against the borrowers. The document warns that anyone facing foreclosure should consult an attorney, as they could be liable for more than just losing the property.
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3) Convert speculative or non-income producing investments to provide income for beneficiaries.
4) Provide information and accounts to beneficiaries regarding the trust fund and properties.
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The document outlines several traditional and modern circumstances that give rise to constructive trusts, including: when someone obtains unauthorized profits from a trust; uses a statute to commit fraud; enters into a mutual will agreement; or acquires property through unlawful conduct like murder. Constructive trusts can also be imposed on strangers who infringe on or assist with breaching a trust.
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The document discusses tenants' rights in foreclosure proceedings. It outlines the Protecting Tenants in Foreclosure Act, which states that a purchaser of a foreclosed property takes ownership subject to any leases signed before notice of foreclosure. This protects tenants by allowing their leases to remain valid after the property changes hands in foreclosure. There are two exceptions: if the new owner will occupy it as a primary residence, or if there was no lease. Even then, 90 days notice must be given. To benefit from these protections, a lease must be a bona fide arm's length transaction without involvement of the foreclosed owner or below market rent. The document advises tenants to obtain legal counsel if issues arise
Mca market conditions advisory - 1111
The document discusses risks for buyers and sellers in changing real estate market conditions. It advises that markets are cyclical and future conditions cannot be predicted. In competitive markets, buyers may offer more or remove contingencies to be competitive. Less competitive markets can cause prices to drop. It recommends buyers understand potential for little appreciation or loss in value. Buyers are advised not to make offers without contingencies but if they do, they risk legal default if unable to purchase. Sellers are advised to carefully consider asking prices in changing markets.
What Does The Contract Say?
The document discusses various common questions that arise in real estate transactions regarding inspection periods, zoning issues, and dispute resolution. It emphasizes that these types of questions cannot be answered definitively without reviewing the specific contract signed by the parties, as contract terms can vary. The document provides examples of how inspection periods, remedies for zoning issues, and dispute resolution procedures may differ depending on the contract form used. It concludes that when issues arise, the contract is the first place parties and attorneys should look to find the applicable terms.
Wyoming Foreclosure Law Summary
- In Wyoming, lenders can foreclose on properties using either judicial or non-judicial foreclosure processes. The judicial process involves filing a lawsuit, while the non-judicial process uses a power of sale clause in the deed of trust or mortgage.
- For non-judicial foreclosure, written notice must be served to the property owner and resident at least 10 days before publishing notice of sale weekly for 4 consecutive weeks. The sale must occur between 9am-5pm at the county courthouse. The borrower then has 3 months to redeem the property by paying the purchase price plus interest and fees.
- Lenders can pursue borrowers for remaining amounts not covered by the foreclosure sale
Pledge
A pledge is a type of bailment where a debtor transfers possession of property they own to a creditor to secure repayment of a debt. The creditor (pledgee) holds the property but the debtor (pledgor) retains ownership. If the debtor defaults, the creditor can sell the pledged property to recover the debt. Hypothecation is similar but the debtor retains possession while granting the creditor a right over the property if the debtor defaults. Bailment is the general legal term where one person transfers possession of property to another for safekeeping.
Alaska Foreclosure Law Summary
In Alaska, lenders have two options to foreclose on a property in default: judicial foreclosure and non-judicial foreclosure. For judicial foreclosure, a lawsuit is filed and the property is auctioned after a court declares foreclosure, with deficiency judgments allowed. For non-judicial foreclosure using a power of sale clause, the trustee must provide notice and the borrower can cure until auction, after which the borrower can redeem the property but deficiency suits are not permitted. Both options follow specified legal procedures that typically take around 90 days to complete.
Foreclosures and Short Sales November 2008
This is my presentation I used in 2008 to train real estate agents in how to properly manage short sales. The material is a little out of date, but I believe is continues to give a concise overview of how the foreclosure process works in North Carolina.
Using Disclaimers in Post-Mortem Estate Planning
This document discusses using disclaimers for post-mortem estate planning. A disclaimer allows an inheritance beneficiary to refuse part or all of their inheritance, causing the disclaimed assets to pass to subsequent beneficiaries as if the original beneficiary had predeceased the decedent. Disclaimers provide a way to move assets to other beneficiaries without gift tax implications. The document reviews the legal requirements for a valid disclaimer and provides an example of how disclaimers can benefit grandchildren.
2M E M O R A N D U MTO Supervising Attorney F.docx
2
M E M O R A N D U M
TO: Supervising Attorney
FROM: [Student name]
RE: LP Assignment
DATE:
FACTS: [Include the facts that are necessary to your answer. In most memos, the facts are written in chronological order.]
QUESTION/ISSUE: [You may have more than one QUESTION/ISSUE and ANSWER for an assignment.]
ANSWER: [Your answer should include one or more statements of law with BlueBook citations, an application or analysis of the law to the facts, and a conclusion. In other words, you are following the Legal Writing pattern IRAC: I (Issue), R (Rule), A (Application or Analysis), and C (Conclusion).]
*Use APA style formatting: 1-inch margins, Times New Roman size 12 font, double-space.
*Use Bluebook citation.
LP6 Assignment: Who Owns What?
A woman named Bonnie walks into your firm one day requesting help in a dispute over a property she purchased. The circumstances of the property are as follows:
Ponch owned Easy Acres, an undeveloped parcel of land located in Green. Ponch had always wanted to purchase a Tomahawk motorcycle, but the ones that were available for sale were always beyond his price range. But thanks to a significant increase in the value of the Easy Acres parcel, Ponch finally had the means to acquire his coveted motorcycle. Ponch gets a loan from his friend Jon, securing the loan with a mortgage on Easy Acres for $100,000. Jon forgets to record the mortgage.
Ponch subsequently sold Easy Acres to Grossman for $75,000 in cash and rode off to Arizona to live out his life-long dream of starring in television commercials as a mattress pitchman. Grossman recorded the deed of sale and immediately built a roller derby track on Easy Acres, which increased the value of the land to over $500,000.
Grossman sold the facility to Bonnie, a roller derby impresario and your client, for $600,000 in a duly recorded deed.
One day, Jon happened by Easy Acres and noticed the roller derby facility. He was unable to contact Ponch but located Bonnie, presented her with the mortgage documents, and demanded that Bonnie pay him his $100,000.
Bonnie needs help with the action Jon is threatening to bring for recovery of his $100,000. Your firm's partner asks you to help her craft her response to Bonnie.
In a 2-page double-spaced APA Style memorandum, explain what rights Grossman, and subsequently Bonnie, have with respect to Easy Acres and why. What rights does Jon have, and why?
NEEDS TO INCLUDE:
1) What rights did Grossman have with respect to the property, and subsequently, what rights does Bonnie have with respect to the property? Why?
2) What rights does Jon have with respect to the property? Why?
3) Some place in your memo, please state whether Bonnie has to pay Jon the $100,000.
HINT: The answers to these questions are found in Chapter 12, but the answers are not found in the section on Recording Statutes.
Criteria
1. Memorandum details the rights and interests of Bonnie in the property, and why.
2. Memorandum details the rig ...
LLB LAW NOTES ON PROPERTY LAW
The document discusses various legal concepts related to property law and easements in India. It begins by defining an onerous gift as a gift subject to conditions imposed on the recipient. It then provides definitions for legal terms like charge, notice, ostensible owner, dominant and servient heritage. It also distinguishes between sale and contract of sale. The status of unborn children under property law is discussed, noting that an unborn child can own property and is considered a legal person for certain purposes like inheritance.
Similar to Insult to Injury: Deficiency Judgements (20)
A non residents guide to buying property in florida
A non residents guide to buying property in florida
2M E M O R A N D U MTO Supervising Attorney F.docx
2M E M O R A N D U MTO Supervising Attorney F.docx
Insult to Injury: Deficiency Judgements
- 1. Personal Injury & Wrongful Death lItIgatIon Insult to Injury: DefIcIency estate PlannIng juDgeMents real estate & tItle Insurance MarItal & faMIly roger h. Miller august, 2009 envIronMental & lanD use BusIness With the unprecedented number of foreclosures, many people are concerned not just with losing their home or investment property, but also the potential for the elDer laW lender to obtain a money judgment against them personally. this concern is legitimate, asset ProtectIon because most properties in foreclosure right now are not worth what is owed to the lender. as a result, even if the lender forecloses and the lender either recovers the collateral, or a third-party purchases the collateral at a foreclosure sale for less than is owed to the lender, the lender has the right to pursue a deficiency judgment. a deficiency judgment is a money judgment against the borrowers that may attorneys be entered after the collateral has been sold. the amount of the money judgment is the difference between the foreclosure judgment amount and the greater of what the earl Drayton farr, jr. (senior counsel) collateral is worth or what it sold for at the foreclosure sale. In the vast majority of guy s. eMerIch foreclosures filed during this current real estate downturn, the foreclosing lender ends up purchasing the collateral at the foreclosure sale. oftentimes, there are no other jacK o. hacKett II bidders at the foreclosure sale and the foreclosing lender purchases the property for MIchael P. hayMans $100. that does not necessarily mean that a third party could have purchased the charles t. Boyle property by bidding more than $100, because the lender could have continued to bid Darol h.M. carr up to its judgment amount. DavID a. holMes gary a. Kahle If the foreclosing lender purchases the collateral at the foreclosure sale and the jennIfer r. hoWell property is worth less than the lender’s judgment, the lender can pursue a deficiency roger h. MIller III judgment against the borrowers. the borrowers would be determined by who signed the promissory note(s), not necessarily who signed the mortgage. frequently, less Dorothy l. KorsZen than all the owners of property borrow the funds; however, all of the property owners WIll W. sunter must sign the mortgage so as to create a lien on the real property to secure the sums erIc M. DecKer
- 2. Personal Injury & Wrongful Death lItIgatIon borrowed. the parties who did not sign the promissory note but signed the mort- estate PlannIng gage, are not personally responsible to pay the loan back, but they have pledged the real estate & tItle property as collateral by signing the mortgage. therefore, if the borrower does not Insurance pay pursuant to the promissory note, the lender can foreclose the mortgage and force MarItal & faMIly the sale of the property. envIronMental & lanD use If the collateral, as of the day of the sale, is worth less than the judgment BusIness obtained by the lender, then the lender can file a motion and seek a deficiency judg- elDer laW ment. the value of the property can be determined by testimony from an appraiser, realtor or owner, as well as the amount the property sold for at the foreclosure. the asset ProtectIon value of the property is a factual issue and the parties may dispute the value of the property. If the value is disputed, the court will hold an evidentiary hearing and make a determination as to the value of the property based on the evidence presented at the hearing. once the court has determined the value of the property, the court can enter a deficiency judgment in the amount of the difference between the final judg- ment in foreclosure and the value of the property. as you can see, a party in foreclosure has more to worry about than simply losing the property, which is why anyone facing a foreclosure lawsuit should contact an attorney knowledgeable in foreclosures. Punta gorda office: to subscribe to our monthly newsletters, please visit our website at www.farr.com 99 nesbit street Punta gorda, fl 33950 Phone: 941.639.1158 this newsletter is for general information and education purposes only. fax: 941.639.0028 It is not offered as legal advice or legal opinion. englewood office: to the extent this message contains tax advice, the u.s. treasury Department requires us to inform you that any 33 s. Indiana avenue advice in this letter is not intended or written by our firm to be used, and cannot be used by any taxpayer, for the englewood, fl 34223 purpose of avoiding any penalties that may be imposed under the Internal revenue code. advice from our firm relat- Phone: 941.460.9334 ing to federal tax matters may not be used in promoting, marketing or recommending any entity, investment plan or fax: 941.460.9443 arrangement to any taxpayer.