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rutherfordtl · Joined: 16 Nov 2009 Posts: 1 1.26 Dollars($)

My house will be sold at auction for less than what I owe. Do I have to pay the mortgage company the difference?

dreyes · Posted: Mon Nov 16, 2009 6:14 pm Post subject:

It depends on what state you live in. Google your states Foreclosure laws.

jenkin7 · Posted: Mon Nov 16, 2009 11:21 pm Post subject:

Hi rutherfordtl,

In most of the cases, the borrower remains responsible for the deficiency from foreclosure sale of the property. It is at the lender's discretion whether they will come after you for the deficiency. Generally, they do come after you to recover the balance of the loan amount. There are anti-deficiency laws in certain states. But these laws do not always apply to all situations. You can contact a foreclosure attorney to know more on the anti-deficiency laws in your state and how they can be applied in your situation.

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if my house is sold at a foreclosure auction am i responsible for the difference in sale price and my loan amount?