 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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 Posted: Mon Oct 19, 2009 11:17 pm Post subject: |
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Hi philiinvest!
Welcome to forums!
If you have gone for a deed in lieu of foreclosure, then you won't be liable for the deficient amount resulting from the sale. The lender will forgive that amount. However, if case of a foreclosure, the lender will file a motion for deficiency at the court after the sale. If the court gives the judgment in the favor of the lender, then you would be liable to pay the deficient amount.
Feel free to ask if you've further queries.
Sussane |
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