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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.
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.
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.
Income Tax Liability for Deficiencies
Don't need to pay back the deficiency? Great! But you might owe taxes on that amount.
How Are Deficiency Judgments Collected?
Your lender sues you for a deficiency and wins, but you can't afford to pay. Now what?
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.
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.