Indiana Code 32-03-10
Posted 26 December 2012 - 03:50 PM
Posted 26 December 2012 - 08:40 PM
I am researching foreclosure sale cases, for example: Bank (Plaintiff) vs. John Doe (Defendant), the plaintiff has a judgment of $50,000 and the sale amount of $68,000 is sold to the plaintiff. Would the difference of $18,000 (surplus) be claimable by the defendant?
Judgment for what?
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Posted 27 December 2012 - 08:02 AM
the sale amount of $68,000 is sold to the plaintiff.
for example: Bank (Plaintiff) vs. John Doe (Defendant), the plaintiff has a judgment of $50,000. . . . Would the difference of $18,000 (surplus) be claimable by the defendant?
First of all, the foreclosure process basically proceeds along the following lines: (1) notice of delinquency; (2) recording notice of default; (3) foreclosure and foreclosure sale; and, if allowable under the applicable state law and depending on the particulars of the mortgage, (4) lawsuit by lender against borrower for a deficiency judgment. A deficiency occurs if the sale of foreclosed property does not generate enough proceeds to pay the full balance of the loan, together with interest and costs associated with foreclosure. Depending on the state where the property is located and the particulars of the mortgage loan, the borrower may or may not be subject to a lawsuit for a deficiency.
With that in mind, a judgment for a deficiency (which is what I assume you're talking about when you refer to the lender/plaintiff having a $50k judgment) would never occur until after the property was sold through a foreclosure sale.
Now...care to clarify what you're asking?
P.S. I don't understand the reference in the subject header of your post to "Indiana Code 32-03-10." Indiana statutes are numbered in the following format: ww-xx-yy-zz, where "ww" refers to the "title" (i.e., general subject matter -- the Indiana Code is divided into 36 titles), "xx" refers to the "article" within each "title," "yy" refers to the chapter within each "article," and "zz" refers to the section number. Title 32 of the Indiana Code covers "Property," but Article 3 of Title 32 was repealed in 2002. Therefore, not only is your statutory reference not in the proper format, it appears to refer to something that doesn't exist (either that or you left out the article number and intended to write "32-xx-03-10).
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