sunizout’s Comment: "Finally, if the auction doesn't bring in as much as you owed on the house, the lender may still sue you for the difference."
I was told that Washington State is a non-recourse state for deficiency purchase money loans, meaning if you default on the loan (or loans) used to purchase your primary residence, they can't come after you for the difference if you default.
From Senate Bill SB 5810 2/24/09...On Deed of Trust foreclosures: After sale of the property there is no right of redemption and no right to a deficiency judgment.
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I was told that Washington State is a non-recourse state for deficiency purchase money loans, meaning if you default on the loan (or loans) used to purchase your primary residence, they can't come after you for the difference if you default.
From Senate Bill SB 5810 2/24/09...On Deed of Trust foreclosures: After sale of the property there is no right of redemption and no right to a deficiency judgment.