Thursday, June 6, 2013

MORE ON FORECLOSURE

An interesting blog post from Hallmark Abstract Service I received the other day - it explains the difference in the foreclosure process in other states:

The Foreclosure Process: What a difference a state makes!

And for homeowners, the difference also means this: In almost every nonjudicial foreclosure state, the lender can­not recover a deficiency without bringing a separate lawsuit and getting a money judgment. This usually means that the lender won’t pursue the deficiency because of the expense. In a judicial foreclosure, on the other hand, most states allow the lender to seek a deficiency judg­ment as part of the underlying foreclosure lawsuit (a few states require a separate lawsuit).

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