Legal Question in Real Estate Law in North Carolina
In 2007 I purchased investment real estate that I am no longer able to make the payments on. I've been unsuccessful in selling the properties and am afraid they will fall into foreclosure. One lender has told me that even after they foreclose, and sell the property, if there is any shortall between the sales price and the balance owed, they will file a judgment against my personal assets. Is this legal? What can I do to protect myself?
Asked on 8/07/09, 12:05 am
1 Answer from Attorneys
Jeff Rosner
Rosner Law Firm P.A.
Yes it is legal. It is called a deficiency judgment.
Answered on 8/07/09, 8:34 am
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