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Can the bank be awarded a deficiency judgment if they received the house back?

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tinar1 Joined: 19 Aug 2009 Posts: 1 1.00 Dollars($)	Posted: Wed Aug 19, 2009 1:09 pm    Post subject: Can the bank be awarded a deficiency judgment if they receiv Like 0 Dislike 0 Can the bank be awarded a deficiency judgment if they received the house back?
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Wed Aug 19, 2009 7:22 pm    Post subject: Like 0 Dislike 0 Hi tinar! Welcome to forums! If the lender forecloses the property or if you go for a short sale, then the lender can sue you for the deficient amount resulting from the sale of the property. However, if you surrender the property to your lender with the help of a deed in lieu of foreclosure, then the lender won't be able to sue you for the deficient balance. The lender will forgive the balance amount in this case. Feel free to ask if you've further queries. Sussane

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