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Balance After Foreclosure |
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What happens in the event of a foreclosure if there is a balance left on a home equity loan? |
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Sometimes the lender seeks a "deficiency judgment" against the borrower. Sometimes other loans are wiped out. It all depends on state laws, which differ in this respect, and it all depends on what is being foreclosed -- whether it was a first mortgage or that equity loan. Anyone facing foreclosure should be consulting a real estate lawyer, who would have better specific information than I do. |
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Edith
Originally published on July 24, 2008 |
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