Sometimes. A lender may not sue for a deficiency judgment if the property is a single family or two family dwelling and is 2.5 acres or less in size. However, in other cases, a lender may sue a borrower for a deficiency judgment for the loan amount that is still owed after the foreclosure sale. The lawsuit for a deficiency judgment must be brought within 90 days of the foreclosure sale.
Speak to an Experienced Foreclosure and Alternatives Attorney Today
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.