When you are going through the horrible process of a foreclosure you always have the bright side in your corner that it has to end eventually. At some point the bank will stop calling and you will be done with the procedures and you will be left to start all over. While this is true in some ways, it is possible that your lender could look for more and not stop with the sale of your home after foreclosure.
When your lender forecloses on your home they will take the home and sell it at an auction in hopes of recouping the money lost from your default. While this can certainly help the lender recover some of the funds they deserved it doesn’t necessarily mean they will break even. Your lender could even come after you to repay what was not made up from your original mortgage agreement.
The process is referred to as a “deficiency judgment” and it is the bank trying to get back what you could not pay and the sale did not garner. When you are going through the foreclosure process this is the type of thing an attorney can help you understand. Some states have different laws about this being possible and a foreclosure attorney could certainly help sort it all out.
Don’t waste any more time worrying about how to pay your mortgage, contact us today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
