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My home is in foreclosure but a sale date has not been assigned yet. If Bank of America forecloses on the property, will they come after me later for money for being in default?
State/Country relating to Question: Florida
Thank you for using JustAnswer!If, say for example, your balance is $100K, the bank forecloses and sells the property for $50K, yes, the bank can come after you for the $50K balance.Good luck and best wishes! I hope that you find this information to be helpful and this answer to be ACCEPTable!
Attorney
Explains legal matters based on 14+ years experience.
I should have worded it better. I know that they can, but do they? Can they place a lein on other properties that you owe, or just on any properties that you acquire?
Well, they have not been. However, that does not mean that when the economy later settles down, they won't send the lawyers through their accounts to try and collect.They can sue for the deficiency, get a court judgment on the amount, and then go through regular collection procedures (e.g., garnish wages, put a lien on an property you own, etc.).