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

Yes, however the amount that can be recovered in a deficiency judgment is limited by the fair market value of the property. The borrower can be sued for the difference between the fair market value of the property and the foreclosure sale price or the difference between the amount owed on the loan and the foreclosure sale price, whichever is less.

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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.

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