Property Value

What Is A Deficiency Judgment?

What Is A Deficiency Judgment?

When borrowers obtain a mortgage loan, they sign a Note, promising to repay the loan, and a Mortgage, that provides for the property to be sold at a public auction if they default, so the loan may be repaid from the proceeds of the sale. Sometimes, however, the property is sold at the auction for less than the balance due to the lender, resulting in a deficiency.

Surveys: What they are and why they are needed

Surveys: What they are and why they are needed

When you finance the purchase of a house, Lenders will usually insist that you provide their attorney with a survey of the property to be purchased.  A survey is simply a drawing to scale of the property's boundaries and the structures built on the land, including the house, garages, swimming pools, fences, etc. and will ensure, amongst other things, that your structure or fences do not encroach on a neighbor’s property, and that theirs do not encroach on yours.

Do I Need to Appoint a Receiver?

Do I Need to Appoint a Receiver?

During the foreclosure process, any party may seek the assistance of a Receiver. The purpose of a Receiver is to maintain the status quo. They manage the property by overseeing maintenance and day-to-day operations, including collection of rent and payment of expenses. A Receiver has the ability to enter into leases, authorize repairs, retain attorneys, etc.