Are you responsible for loan balances after repossession?

Answer

Kris, in MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it.Its NOT something you want to forget about. lenders do get judgments for the balance and do collect them. Good Luck
== ans ==
Your responsible to pay back the loan, plus all accumulated interest, fee's, costs of collection, etc., as that was all provided to you as terms of your getting the credit and loan you asked for. If the property recovered, after all the additional costs of doing so, doesn't pay the amount (at a public sale, which because of the circumstances is normally well below what you would have gotten for it selling it yourself), provides less than the payoff, the rest is still entirely due and owing by you (just no longer secured by the property). Any excess amounts, (that is realized above the amount owed) are returned to you.
In bankrutpcy you may have a different result, with the excess debt being possibly discharged.
You borrowed money, whether you made a good or bad investment with it makes no difference to how much you are responsible to pay the lender back.