Lawyers for homebuilder Fischer & Frichtel want the Missouri Supreme Court to change the law on deficiency judgments and foreclosures. The aim is to use a property's fair market value to get to "a fair result," said Thom Avery, a lawyer with Blitz, Bardgett & Deutsch.
MOTION FOR RELIEF FROM JUDGMENT/ VALID DEFICIENCY JUDGMENT/CIV.R. 58(A)/EFFECTIVE JUDGMENT
Introduction. II. In Louisiana, A Debtor Retains Title To Collateral; The Creditors Merely Get A Right To Seize And Sell The Asset And Get A Privilege On The Proceeds Of The Sale. III. Louisiana Has Traditionally Required A Creditor To Use Judicial Process To Sell The Collateral Which Secures A Loan. IV. Judicial Sales. V. The Origins Of Louisiana's Deficiency Judgment Act And Its Relationship To Executory Process. VI. The Louisiana Deficiency Judgment Act Is A Procedural Rule. VII. Calculating The Minimum Bid At The First Sale . VIII. What A Foreclosing Creditor Must Pay In A Winning Bid And How This Relates To The Minimum Bid At The First Sale And The Distribution Of Proceeds Of The Sale. A. Examples Involving a Mortgage Inferior to that of the Foreclosing Creditor. B. Foreclosure ...
In last month's column I discussed the process and requirements of a short sale. This month I will look at the two types of short- sale agreements. A short sale happens when the lender agrees to accept proceeds from a sale that are not enough to cover the amount owed on the borrower's mortgage. Usually a borrower is behind on his mortgage and cannot refinance. There are two types of short-sale agreements negotiated through the lender. They are deficiency judgment and payment in full without pursuit of deficiency judgment.
The last few weeks have brought even more uncertainty to a shaky world economy. The U.S. government agreed to rescue Citigroup, while the chief executives of General Motors, Ford and Chrysler sought $25 billion in loans to avert bankruptcy filings before early next year. While many people were focused on their arrogance in flying via three corporate jets to meet with Congress, I believe their greater deficiency in judgment was their lack of a well-thought-out plan. President-elect Barack Obama is assembling his administration's team. He is moving quickly, as the country wants and needs him to. As he makes his appointments, it appears he is acting as an effective leader and manager. Managing effectively should be at the top of our priorities during these tough economic times. It is a cri...
In this divorce action, the trial court adequately considered the appellants former role as primary caretaker of the parties children when making its custody determination. The trial court did not abuse its discretion in designating the appellee as legal custodian and residential parent. The trial court did not abuse its discretion in finding the appellant solely responsible for repaying a loan from her sister. The trial court did not err in using the final hearing date as the marriage termination date. The trial court did not abuse its discretion in making the appellant liable for half of any mortgage and property-tax deficiency. Judgment affirmed.
...--most notably, how to avoid deficiency judgments. Often overlooked, however, are the challenges tha...
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