AOL

What is a deficiency judgment?

A deficiency judgment is a court order that allows a lender to collect remaining debt when the collateral doesn’t cover the full amount owed. With a mortgage, this can happen when the proceeds from a ...
JD Supra

Court Confirms Junior Lien Creditor’s Right to Enforce Deficiency Judgment Act Against Senior Creditor Who Fails to File Petition to Fix Fair Market Value

In a February 11, 2022 Order, the Court of Common Pleas of Washington County granted a Petition to Compel Satisfaction of Liens under the Deficiency Judgment Act (“DJA”) filed by a junior judgment ...
JD Supra

New York Court of Appeals Provides Guidance on Deficiency Judgments

The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may ...
Law

Lenders Face Hurdles to Recover on Debt

According to 1301 of the RPAPL, a lender seeking to recover a single mortgage debt secured by one or more properties for which a person or entity is, at least in part, personally liable is generally ...
Law

Gould v. Wagner

Defendant appealed the trial court's order granting plaintiffs' petition to mark a judgment as satisfied. The court recommended its decision be affirmed. As a judgment creditor, defendant obtained ...