Can I be held liable if I walk away from my mortgage, on which I owe more than my home is worth?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I be held liable if I walk away from my mortgage, on which I owe more than my home is worth?

Is VA a non-recourse state for mortgages?

Asked on April 29, 2011 under Real Estate Law, Virginia

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, VA is not a non-recourse state regarding mortgage foreclosures.  If a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures, a "deficiency judgment" may be obtained.  This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption