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