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peace · Joined: 17 Jul 2009 Posts: 8 4.40 Dollars($)

If a bank decides to come after me for a deficiency because of a foreclosure, is bankruptcy an last resort option to protect me from having to pay off the deficiency.

If they win a deficiency, can they place a lien on my current residence and the bankruptcy will not protect me. I already have a new house and the foreclosure is on a home that I was building but was not completed in North Carolina.

adonis · Posted: Mon Jul 27, 2009 1:38 am Post subject:

Hi peace,

If you file bankruptcy and the court issues an automatic stay on your creditors, the lender will not be able to sue you or place a lien on your property. If the property is foreclosed upon before the bankruptcy is filed and you cannot pay the deficient amount resulting from the sale, the lender will place a lien on your new property.

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Deficiency Judgments from Foreclosure and Protection in Bankruptcy