We foreclosed several years ago on a commercial property. Our attorney said we were not entitled to deficency although owed 2M because the property we got back, which we bought at auction for $100.00 in an appraisal would be higher than the 2M owed.
The bank is now threatening foreclosure on me for this same property. Its value has decreased but will still be valued in an appraisal at more than is owed. Will I be responsable for the difference if it does not bring at auction the amount owed? I was told I would which seems to contradict what I was told when we foreclosed.