Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Idaho?

Yes, if the lender held a public foreclosure sale and the amount that the property sold for at that sale is less than the amount owed on the loan then the lender may sue the borrower for a deficiency judgment. The amount that might be obtained from the borrower is either the difference between the fair market value of the property and the amount earned at the foreclosure sale or the difference between the amount owed on the loan and the amount earned at the foreclosure sale, whichever is less. The borrower is also responsible for all costs related to the deficiency judgment lawsuit. The lender has 90 days from the date of the foreclosure sale to file a deficiency judgment lawsuit.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

Additional Foreclosure and Alternatives Articles

Search LawInfo's Foreclosure and Alternatives Resources