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Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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I bought a house for 875,000 now it is 600,000. My monthly

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I bought a house for 875,000 now it is 600,000. My monthly mortgage payments are 5,400. MY family income is 200k/year. can i foreclose my house?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Yes. The lender may opt to foreclose on your property if you do not make your payments.

When a property is foreclosed in Maryland, a judgment can be entered by the court for any amount of the loan that remains unpaid. This is called a deficiency judgment. The deficiency judgment can be used to execute on other property held by the debtor.

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