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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?


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

  1. pearlmar says:
  2. Radioactive says:
    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.

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