How long after a foreclosure, will a lender come after a borrower for a deficiency?
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How long after a foreclosure, will a lender come after a borrower for a deficiency?
My home was forclosed on and went to auction almost 2 motnhs ago. No one made an offer so the bank bought it back I think. We have moved out and turned over the keys.
Asked on December 29, 2011 under Real Estate Law, Idaho
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Whether or not the loan on your home would be subject to a deficiency judgment depends upon whether or not the loan was acquired for the home's purchase and if your state has anti-deficiency laws in place. If your loan was a purchase money loan there is a good chance that you would not be subject to a deficiency judgment.
If the foreclosure was by way of a non-judicial foreclosure versus a judicial foreclosure, likewise you might not be subject to a deficiency judgment. I recommend that you consult further with a real estate attorney about your situation.
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