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  #29  
Old 12-02-2008, 03:04 PM
KSigkid KSigkid is offline
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Quote:
Originally Posted by KSig RC View Post
This is only true, as far as I know, if there is mortgage insurance to cover any differences between the resale price and the amount owed . . . if not, I'm nearly certain the mortgage holder can file for a lien on existing assets for the (newly-solvent) individual/couple . . . I'm no expert, though, clearly.
That was my understanding as well. I don't have much experience with foreclosures (thank goodness), and I think it depends on state law, but I thought that other assets could be attached to satisfy the remaining mortgage amount (which I believe is called a "deficiency judgment").
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