As my colleagues above stated, the bank can potentially come after yu for any deficiency that arises after it receives a judgment against you and after it has the judicial sale of the house. There are ways that you can be protected from such a deficiency judgment being entered against you, those being a short sale or deed in lieu of foreclosure. Keep in mind that your credit will be harmed in each scenario, but it would be harmed the most if the bank receives a judgment for foreclosure an sale.
Syed Mansoor Khan Lawyer
Posted over 13 years ago.
As my colleagues above stated, the bank can potentially come after yu for any deficiency that arises after it receives a judgment against you and after it has the judicial sale of the house. There are ways that you can be protected from such a deficiency judgment being entered against you, those being a short sale or deed in lieu of foreclosure. Keep in mind that your credit will be harmed in each scenario, but it would be harmed the most if the bank receives a judgment for foreclosure an sale.