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If the proceeds from the foreclosure sale are not enough to pay off the mortgage is the mortgage still cancelled as a debt against the borrower? |
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Answer
The difference between what is still owed on the mortgage and what the property was sold for at the foreclosure sale is called a "deficiency". The ability of a lender to collect the amount of the deficiency is governed by state law. You need to check the laws of your state for a definitive answer. See the discussion at the link provided below for more information.
First answer by Kluss. Last edit by Kluss. Contributor trust: 70 [recommend contributor]. Question popularity: 1 [recommend question]
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