Users' questions

What states have anti-deficiency laws?

What states have anti-deficiency laws?

The following states have anti-deficiency laws: Alaska, Arizona, California, Connecticut, Hawaii Iowa, Minnesota, Montana, Nevada, New Mexico, North Carolina, North Dakota, Oregon, Washington, and Wisconsin.

Is Virginia a recourse state?

It is a recourse state. Virginia Deficiency Judgment Laws Other states prohibit deficiency judgments with what are called anti-deficiency laws. Virginia doesn’t have an anti-deficiency law. So, the foreclosing bank may file a separate lawsuit after the foreclosure sale to get a deficiency judgment against the borrower.

What is the deficiency law?

Deficiency judgment is money awarded to creditors when assets securing a loan do not cover the debt owed by a debtor. Deficiency judgment most often arises in mortgage foreclosures where the home does not cover the cost of the mortgage.

How long does it take to foreclose on a home in Virginia?

How long does it take to foreclose a property in Virginia? Depending on the timing of the various required notices, it usually takes approximately 60-90 days to effectuate an uncontested non-judicial foreclosure.

Does Virginia have a redemption period?

Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. Virginia, however, doesn’t have a law providing a post-sale redemption period. So, you won’t be able to redeem the home following a foreclosure.

Which theory is based on law of deficiency?

According to Say’s Law, a deficiency of demand for a good in the present can occur from a failure of the production of other goods (which would otherwise have sold for sufficient income to purchase the new good), rather than from a shortage of money.

How is anti deficiency defined in the ADA?

The Anti-deficiency topic generally falls under the “amount” limitation. Anti-deficiency is defined in the Anti-deficiency Act (ADA), Title 31, US Code, Sections 1341 and 1517, and states that executive agencies and their subordinates cannot:

Which is a violation of the Anti Deficiency Act?

Another type of potential Anti-deficiency Act violation is the augmentation of funds, wherein a Federal agency supplements its appropriations from outside sources without specific statutory authority. This augmentation prohibition rule is derived from several enactments of Congress rather than a specific statute.

Can a DoD employee violate the Antideficiency Act?

A DoD employee is at risk of violating the Antideficiency Act under certain provisions of Public Law 101-510 or Public Law 102-484. Public Law 101-510 provides for the cancellation of appropriations after specified periods, extension of the expired status for appropriations from 2 years to 5 years, and elimination of the merged accounts.

When was the Antideficiency Act codified into Title 31?

CODIFICATION OF THE ANTIDEFICIENCY ACT. When the “Antideficiency Act” was codified into Title 31 of the United States Code, its provisions were incorporated into a number of sections of that Title. The sections that are most frequently cited are sections 1341, 1342, and 1517. Paragraphs 1 through 3, below, summarize the highlights, and Appendix B

What does it mean to have an Anti Deficiency law?

An “anti-deficiency law” is a state statute that prohibits lenders from suing borrowers for deficiencies (the difference between the amount owed on a mortgage and the price at which a house is sold in foreclosure), often on mortgages secured by a borrower’s principal residence.

Is there a law against a deficiency judgment?

Some states have a law that prohibits a deficiency judgment, which protects borrowers from having to pay the bank for its loss following a foreclosure sale. Please answer a few questions to help us match you with attorneys in your area.

Is there an Anti Deficiency law in Colorado?

For instance, Arizona’s anti-deficiency law protects mortgagers with one- or two-family homes on less than 2.5 acres of land. And while deficiency judgments are allowed in Colorado, the borrower may defend against the claim if the lender fails to bid a fair market price at foreclosure.

Are there any Anti Deficiency laws for second mortgages?

Anti-deficiency laws typically provide no protection for second or third mortgages, home equity lines of credit, and mortgages secured by vacation or investment properties. In this article, you’ll find general information about deficiency judgment laws, anti-deficiency laws, and get a brief summary about these laws in each state.