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What happens if your house is sold at a foreclosure auction for less than the amount you owe on your mortgage? In many states, your lender can come after you for the difference.
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Some states have a law that prohibits a deficiency judgment, which protects borrowers from having to pay the bank for its loss following a foreclosure sale.
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Recourse vs. Non-Recourse Loans in Foreclosure
Learn why it's important to find out what type of mortgage loan you have when you're facing foreclosure.
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Income Tax Liability for Deficiencies
Don't need to pay back the deficiency? Great! But you might owe taxes on that amount.
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How Are Deficiency Judgments Collected?
Your lender sues you for a deficiency and wins, but you can't afford to pay. Now what?
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How to Deal with a Short Sale Deficiency Judgment
Worried about owing a deficiency after a short sale? Learn about the steps you can take throughout the short sale process to avoid paying the deficiency.
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Bankruptcy & Foreclosure: Mortgage Deficiency Judgments
In some states, you may be on the hook for a mortgage deficiency after foreclosure. Bankruptcy can wipe out your liability.