Sometimes. If the property was sold in a public foreclosure sale and the amount that the property sold for was less than the amount that the borrower still owes on the mortgage then the lender may sue the borrower for a deficiency judgment to obtain the rest of the loan amount. However, the lender does not have the right to sue the borrower for a deficiency judgment if the property was foreclosed through a consent to foreclosure or deed in lieu of foreclosure process.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.