If my condo loan is for 105,00 , but the value of the condo is about 90K-100K, and I have no assests (assuming my cars which I still owe are not consider my assests) what are the chances or possiblities that the lender will persuit a deficicency judgement (if I were to let the condo go foreclosure)? What are some dificiency judgment laws in CT?
Real Estate Attorney
Connecticut law allows the lender to obtain a deficiency judgment which can be enforced against other assets of the debtor for up to 20 years following the foreclosure. A chapter 7 bankruptcy would eliminate this liability.