Utah | Real Estate Law
11/09/09, 2:50 pm
Legal Question
If a house is sold for less than the original note and the bank agrees to take less, is the seller liable for the difference between the mortgage and the sales price? Can the original note be sold to someone to try to collect the difference at a later date?
Share This On:
11/15/09, 9:03 pm
Legal Answer
The bank can sue for a deficiency judgment on the difference between the sale and mortgage balance. The original note cannot be sold to another, but the deficiency could be assigned for collection.
Share This On:
Alvin R. Lundgren, L.C. 5015 W. Old Hwy 30 Ste 200 Mt. Green, UT 84050-9752
► Other answers from this attorney
