Legal Question in Banking Law in New Jersey
Can a bank file a civil suit against for a construction loan that was already foreclosed on. The home and property was sold at Sheriff sale December 2010. The civil suit is for the full amount of the loan plus interest.
Asked on 10/04/11, 11:10 am
1 Answer from Attorneys
John Corbett
Corbett Law Firm LLC
The bank can file a deficiency suit for the difference between the amount owed on the loan and the net collected from the foreclosure sale.
Answered on 10/04/11, 12:22 pm
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