Legal Question in Real Estate Law in Ohio

foreclosure

If a borrower defaults and a home is sold, is that borrower responsible for whatever loan amount is leftover after the sale of the property?

Asked on 2/20/08, 10:40 am

1 Answer from Attorneys

William Chris Roderick Linton Belfance LLP
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Re: foreclosure

Yes, that is a deficiency judgment. Before foreclosure, one may wish to try to provide a deed in lieu of foreclosure and turn the property over to the lending institution. With that approach, there can be an agreement not to go after the debtor for the additional money.

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Answered on 2/20/08, 10:50 am

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