Deficiency judgement on a Trustee Sale?
August 13th, 2008 by Jarad S.
Question: In the state of Idaho can a lender obtain a deficiency judgement on a Trustee Sale or must they use a Judicial Foreclosure?
Answer: -Yes, lenders can file a deficiency judgment no matter if it was foreclosed judicially or non-judicially. Typically it’s more common to see deficiency judgments on properties foreclosed judicially but I live in a state where trust deeds are the primary security instrument and deficiency judgments are filed sometimes. In most cases they 1099 the homeowner.
September 5th, 2008 at 10:27 am
Would a deficiency judgement be inforced on a 2nd Home in Idaho going into default when the homeowner resides in Arizona even with a substantial amount of cash into the deal? We are looking to avoid the foreclosure and even thought of a legal way to hold a lottery to move the home, any ideas?