How to Avoid a Deficiency Judgment
If you are facing foreclosure or a short sale, or even a deed in lieu, the lender has the right to go after a deficiency judgment against you for the difference between what you owe them and what the property ends up selling for.
It is very important if you are leaving your home for any of these reasons to get the lender to agree, in writing, not to seek a deficiency judgment or release you from the lien.
If the lender refuses to release you from the lien, there are ways to avoid a deficiency judgment. One way is to file for bankruptcy.
For more information on how to avoid a deficiency judgment, contact a foreclosure or bankruptcy attorney.
