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It should be expected that the lender will pursue the deficiency. If you can pay the debt, then you may want to do so. If you are going to have a deficiency from the first home loan then you may want to look at other options. You may want to speak with a bankruptcy attorney concerning how to hanlde your debts, if the lenders obtain deficiency judgments. You can speak with the lender, but because there is also a home equity loan a short sale would be difficult. You could speak with the lender regarding home loan modification, if you could stay in the home. This may allow you to obtain affordable payments.
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