I know that in the case of Personal Property ie a vehicle, the person who looses that property can be held accountable for any balance that may be oustanding. Does this also applt to Real EState?
2007-09-04 05:14:07 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes. The borrower is liable for the remaining loan balance.
2007-09-04 05:27:07 · answer #1 · answered by CPA/PFS 2 · 1⤊ 0⤋
YES!! They declare a judgment for the balance. You'll never be able to purchase another home with an outstanding judgment because that lender could slap a lein on a new house and force foreclosure to get their money.
They'll most likely garnish your wages to get the money.
2007-09-04 06:00:34 · answer #2 · answered by Roland'sMommy 6 · 0⤊ 0⤋
You are responsible for the difference in what you owe and what the bank gets out of the property
2007-09-04 05:26:15 · answer #3 · answered by DallasLoanGuy 2 · 0⤊ 0⤋
Yes it does, and will follow them until it is paid.
2007-09-04 09:57:54 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋