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If your house is sold at a foreclosure auction for less than the amount you owe on your mortgage, your lender might be able 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.
How Are Deficiency Judgments Collected?
Your lender sues you for a deficiency and wins, but you can't afford to pay. Now what?
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.