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Guest

My house is currently worth ~$110k and I'm 3 months behind on my mortgage. I have a first mortgage of $138k and a 2nd mortgage of $31k.

I'm considering trying to do a short sale and working with the bank to cover the remainder. Does anyone know the what the real risk of deficiency judgments are in either a short sale or foreclosure in Minnesota? Are lenders going after people to make up the difference?

adonis · Posted: Tue May 12, 2009 12:24 am Post subject:

Hi dboz,

Deficiency judgments are available in Minnesota. The lender can sue you for the deficient amount if you go for a short sale. If you do not pay the deficient amount, the lender will have the right to place a lien on the property as well.

Thanks

Guest

wchra.com/Foreclosure/Understanding%20Deficiency%20Judgments.pdf

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Short Sale vs. Foreclosure, plus deficiency judgments