Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Law » What does this mean? (Foreclosure law)?

What does this mean? (Foreclosure law)?

“Any deficiency is also limited to the fair market value of the property.”

I am researching foreclosure in my state. The above phrase appears under the laws for my state.

Does this mean that even if the deficiency between what the bank gets when the house is sold and what we owe is something like $40,000 we can only be required to pay back up to the market value?

RELATED POSTS:

  1. Foreclosure Laws in California The prospect of a foreclosure can be daunting and painful, it is crucial to be made aware of your state’s...

  2. A Summary of Foreclosure Laws by State Foreclosure Laws of Individual States We are providing information about state foreclosure laws. This information is designed to help you...

  3. Is there a new foreclosure law stating a deficiency by a short sale on a primary residence is forgiven? I keep hearing about a new law, that might be part of a presidential order, forgiving the short sale deficiency...

  4. Illinois Foreclosure Law Only Judicial foreclosures are allowed in state of Illinois. What is the processing period for foreclosure Illinois? Processing period...

  5. Foreclosure Laws in Arkansas The state of Arkansas allows for both judicial or in court and non judicial or out of court foreclosure.  As...

Written by

Filed under: Foreclosure Law · Tags: , ,

2 Responses to "What does this mean? (Foreclosure law)?"

  1. pearlmar says:
    Yes.
  2. Radioactive says:
    Google:
    Your state name followed by the words Non-recourse foreclosure state
    In some states you can be sued by the difference the bank sells the house for and the amount owed on the mortgage.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player